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.
What is a risk based AML/CTF Regime?
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.
The Gambling Sector AML/CTF Obligations
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.
What Are The ML/TF Risks Faced By Bookmakers
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
What Are The ML/TF Risks Faced By Casinos
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.
What Are The ML/TF Risks Faced By Gaming Machine Venues
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.
How can Initialism Help?
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.
AML/CTF compliance solutions for your gambling business
Our AML/CTF compliance solutions draw on unparalleled expertise, knowledge and real-world experience. Initialism are the only dedicated AML/CTF compliance solutions provider that is working in partnership across the gaming industry. Tailored to the specific needs of the pubs and clubs industry, our solutions enhance in-house capacity and capability, and provide structured and cost effective access to AML/CTF expert support.
Why chose Initialism?
UNPARALELLED EXPERTISE
Our expertise covers all AML/CTF disciplines and brings unique perspectives, approaches and solutions to the AML/CTF challenges faced by Australian businesses
IN-DEPTH INDUSTRY KNOWLEDGE
Our AML/CTF compliance knowledge includes working with many types of Australian businesses and we understand what compliance means for your business
REAL WORLD PERSPECTIVES
We have experience in delivering workable AML/CTF compliance to many industry sectors, each with their own unique challenges
OVER 30 YEARS EXPERIENCE
Our knowledge and expertise has been hard earned and comes from working in the area of AML/CTF for many decades
SOLUTIONS THAT WORK
We have experience in providing tried and tested AML/CTF solutions, regardless of the size and complexity of your business
TAILORED FOR YOUR BUSINESS
Our AML/CTF compliance solutions are flexible and can be tailored to your capacity, experience and budget
