Australian Transaction Reports and Analysis Centre (AUSTRAC) has “instructed” that two casino operators are required to appoint external auditors to inspect their compliance with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).
There are concerns from AUSTRAC that the smaller venues could still be taken advantage of by malicious actors. The two casinos ordered to up their game on the security front are The Ville Resort-Casino in Townsville and Mindil Beach Casino Resort in Darwin.
Townsville’s The Ville is a 194-room hotel and the only casino location in the city in Queensland. Similarly, the Mindil Beach location is the only casino in Darwin and has been about since 1979, where it was originally called Don Casino.
On the list of the audit, each casino will have to inspect the following:
- Working on an AML/CTF program that will prevent illegal activity like money laundering and terrorism funding
- Risk assessments that take into consideration the risks faced by the business
- Using frameworks to allow any board and senior management to oversee the AML/CTF program
- Customer monitoring to ensure the mitigation of illegal activity covered by established AML/CTF programs
AUSTRAC lays out what it wants for casinos & Australia
Speaking in the press release, AUSTRAC CEO, Brendan Thomas, said:
“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, Sportsbet and Bet365.
“My message to boards and CEOs of gambling [businesses], including pubs and clubs with gaming machines, is to make sure you comply with Australian money laundering laws and take your responsibility to tackle money laundering seriously; we are watching and we will take further action.
“Money laundering harms our economy, and it allows criminals to profit from some of the most awful crimes – we need to stamp it out.”
