Do Digital Drivers Licences affect my KYC?
In short, no.
AUSTRAC compliance rules remain unchanged for Digital Drivers Licences. As such, recording customer identification remains the same. This means the rules that apply to all cheque and cash payouts over $5,000 as previously registered, i.e. ensure the identification belongs to the player and is in date, remain unchanged.
Recording these details onto your existing Customer Identification Form remains the same.
How do Digital Licences affect my AML/CTF Program?
AML/CTF programs use a risk-based approach to identify and pay winnings. To clarify, the primary form of identification presented for winnings that are payable by cheque is a Drivers Licence. As a result, you will need to assess the risk associated with accepting digital licences as a form of identification for your venue.
An AML/CTF Program amendment to your acceptable risks and procedures to reduce your exposure to this risk is required.
I need assistance with this!
Sure, The AML Company can assist you with your AML/CTF Program requirements.
The AML Company are experts in Pub and Club AML/CTF compliance. We offer cost-effective and compliant AML/CTF Program solutions to Pubs and Clubs in Australia.
We have been providing AML/CTF compliance programs to the pub and club industry for over 15 years. The AML Company is a boutique company that has provided Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Risk Analysis to Clubs, Pubs, and Financial Institutions for the past 15 years. Our business focus is on AUSTRAC regulations as they pertain to gaming machines within Pubs and Clubs. We aim to make compliance with regulations as easy as possible for our clients.