Australia: AUSTRAC orders compliance audits for regional casinos
Financial intelligence and regulatory agency focuses on oversight of Australian casinos.
Key points:
– AUSTRAC has instructed The Ville Resort-Casino in Townsville and Mindil Beach Casino Resort in Darwin to appoint external auditors to assess their AML/CTF compliance.
– This follows identification of potential gaps in their anti-money laundering and counter-terrorism financing controls.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has directed The Ville Resort-Casino and Mindil Beach Casino Resort to engage independent auditors to review their compliance with Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws.
This action comes after AUSTRAC identified possible deficiencies in the casinos’ AML/CTF controls, risk assessments and governance.
The appointed auditors will examine the casinos’ AML/CTF programs, including how they identify and manage risks, governance oversight and customer monitoring. The auditors will report their findings to AUSTRAC.
This follows earlier regulatory actions against major casinos such as Crown Resorts, Sky City and The Star, and online bookmakers including Entain, Sportsbet and Bet365.
The cost of the audits will be borne by The Ville and Mindil Beach. AUSTRAC will decide whether further action is required based on the audit outcomes. Failure to maintain adequate AML/CTF controls can lead to regulatory penalties.
Good to know: AUSTRAC is Australia’s financial intelligence agency responsible for detecting and preventing money laundering and terrorism financing
Brendan Thomas, AUSTRAC CEO, stated: “Although they may be smaller than entities such as Crown Resorts and The Star, like all gambling venues, The Ville and Mindil Beach face heightened risk of exploitation by criminals.
“AUSTRAC is serious about driving illicit money out of the gambling industry in Australia and making sure businesses that facilitate gambling have strong money laundering controls.
“This action follows major actions we have taken against other casinos, Crown Resorts, Sky City and The Star and online bookmakers, Entain, Sports bet and bet365.”
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