New regulations require licensed gaming venues to amend their Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) reporting or risk severe penalties.
AUSTRAC requirements have been in place for pubs and clubs holding more than 15 gaming machines for some time, but in the last 12 months, AUSTRAC has become more attentive to this sector and has mandated specific requirements for hospitality.
Have you updated your AML/CTF Program?
AUSTRAC has developed new guidelines that pubs and clubs must implement into their AML/CTF program, effective 3 April 2018.
AUSTRAC requires amendments to both Part A and Part B of a formalised AML/CTF program, with an increased focus on the detail of information recorded. This information can be found here.
Fines for non-compliance are up to $11 million for companies or $2.2 million for an individual.
AUSTRAC has already audited many pubs and clubs concerning the compliance of gaming machines with the AML/CTF Act.
Is your business compliant?
Article supplied by RCA Group.
RCA Group offers risk management training and consults on compliance issues for licensed venues.
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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.