Two Australian Casinos Face AUSTRAC Audit Over AML Compliance
LISTEN TO THIS ARTICLE:The Australian Transaction Reports and Analysis Centre (AUSTRAC) has directed two northern casinos to undergo independent audits to assess their adherence to Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations.
The Ville Resort-Casino and Mindil Beach Casino Resort were mandated to engage the services of external auditors after AUSTRAC detected potential weaknesses in their AML/CTF controls, risk assessments, and governance structures.
While The Ville features over 370 gaming machines and 20 table games, with sports betting options, Mindil Beach offers over 600 gaming machines and tables.
The independent auditors will assess the casinos' compliance with AML/CTF Act and Rules, including the effectiveness of their programs in place to identify and prevent money laundering and terrorism financing.
Additionally, the review will examine the casinos' customer monitoring procedures to ensure they are effective in detecting and managing potential money laundering and terrorism financing risks.
The auditors will also evaluate the level of oversight provided by the board and senior management in ensuring AML/CTF compliance. They will submit their findings to AUSTRAC, who will then determine if additional regulatory measures are necessary based on the audit results.
AUSTRAC Enforces Compliance with AML Laws
Since the start of the year, AUSTRAC has initiated actions against several casinos and online bookmakers, including Crown Resorts, Sky City, The Star, Entain, Sportsbet, and Bet365, over AML concerns.
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, Sportsbet and bet365.
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