Anti Money-Laundering & Counter Terrorism-Financing Programs
As of 12 December 2008, any gambling provider (i.e. club, hotel, casino or bookmaker) in Australia who offers designated services (gaming machine, TAB, and/or currency exchange facilities) to customers is required to have a documented Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) program in place to comply with the AML/CTF Act.
Did you know that failure to comply with the AML/CTF Act can result in fines of up to $11 million?
BetSafe Pty Ltd has been assisting registered clubs and hotels to comply with this legislation, since January 2008.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is currently conducting random audits of gaming venues throughout Australia, to ensure they have a program in place which complies with the Act.
AUSTRAC have conducted audits at 8 venues which have implemented BetSafe's AML/CTF program and all have been found to comply with the AML/CTF Act.
If you have only compiled a 5 page documented program, chances are that your program does not comply with the AML/CTF Act. BetSafe's AML/CTF manual is over 40 pages and is customised to suit your venue and ensure it contains documented policies for all applicable areas associated with the AML/CTF Act, including the Risk Assessment. BetSafe are also able to advise on areas such as training and employment of new staff to ensure compliance.
If you require more information, or you have an upcoming AUSTRAC audit, please call BetSafe on 02 9874 0744 for assistance in becoming fully compliant with the AML/CTF Act.