Aspects of Australia’s gaming and wagering sectors are identified as being attractive to criminals wanting to launder the proceeds of crime and to finance terrorism.
The AML/CTF regime is risk-based, which means that your responses to the AML/CTF obligations placed upon you should be risk-based.
A risk-based AML/CTF regime requires that you understand and address the Money Laundering and Terrorism Financing (ML/TF) risks associated with the services you offer.
You must then design, implement and maintain systems, procedures and controls that appropriately manage and mitigate your ML/TF risks.
Businesses involved in the gambling sector captured by the AML/CTF obligations must ensure the organisation conducts a comprehensive ML/TF risk assessment to identify, assess, mitigate and manage ML/TF risk exposures. This is a critical first step in complying with AML/CTF laws.
Gambling sector businesses then need to develop and maintain an AML/CTF Program that is aligned to their business and the State based gaming requirements.
Bookmakers and betting agencies are attractive to criminals wanting to launder the proceeds of crime.
Bookmakers are vulnerable to money laundering activities for various reasons, such as ease of access, anonymity, and high volume of cash transactions.
Bookmakers may also have become more attractive to criminals over the past few years as the financial sector has implemented more comprehensive AML/CTF measures with a focus on cash
Casino and gaming machine venues are attractive to criminals wanting to launder the proceeds of crime.
Casino and gaming machine venues are vulnerable to money laundering activities as many casinos and gaming facilities offer services similar to financial institutions, including accounts, foreign exchange, money changing, and electronic funds transfers.
Casinos may also have become more attractive to criminals over the past few years as the financial sector has implemented comprehensive AML/CTF measures.
Gaming machine venues such as pubs and clubs are vulnerable to being used by criminals to launder the proceeds of crime
Gaming machine venues handle significant quantities of cash and support the conversion of cash into cheques and electronic funds transfers, thereby potentially concealing the illicit origin of funds.
Gaming machine venues may also have become more attractive to criminals over the past few years as the financial sector has implemented more comprehensive AML/CTF measures with a focus on cash.
Initialism are the AML/CTF experts, so you don’t have to be.
With over 30 years of expert knowledge and real world experience, our AML/CTF compliance solutions will to help you navigate your legal and regulatory requirements so that your business complies with its AML/CTF obligations in the fastest and most cost-effective way.
Initialism has a range of AML/CTF solutions to support your business in becoming AML/CTF compliant and maintaining compliance.
Our expertise covers all AML/CTF disciplines and brings unique perspectives, approaches and solutions to the AML/CTF challenges faced by Australian businesses
Our AML/CTF compliance knowledge includes working with many types of Australian businesses and we understand what compliance means for your business
We have experience in delivering workable AML/CTF compliance to many industry sectors, each with their own unique challenges
Our knowledge and expertise has been hard earned and comes from working in the area of AML/CTF for many decades
We have experience in providing tried and tested AML/CTF solutions, regardless of the size and complexity of your business
Our AML/CTF compliance solutions are flexible and can be tailored to your capacity, experience and budget
I really enjoyed the day and was very impressed by your product. I walked away with a better appreciation of the AML risk factors in our business and how they can be mitigated.
Thank you for conducting an informative, comprehensive and surprisingly entertaining AML/CTF workshop. Knowing that we have the support of the Initialism team gives us an exceptional degree of confidence that we will be meeting and exceeding regulatory expectations moving forward.