Anti-Money Laundering and Gambling Act
In Australia, the fight against money laundering and terrorist financing is regulated by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). This law applies to a wide range of organizations, including casinos, bookmakers and online gambling platforms. Compliance is controlled by AUSTRAC, the Australian Transaction Reporting and Analysis Centre.
The objectives of the law are:
Obligations of gambling operators under the AML/CTF Act:
Verification of the player's identity before conducting financial transactions.
Collection and storage of documents confirming the identity and address.
2. Operations monitoring
Identify and record large transactions (typically $10,000 AUD and above).
Analysis of suspicious or unusual financial activities.
3. Transaction Messages
Threshold Transaction Reports (TTR) - mandatory reports on large transactions.
Suspicious Matter Reports (SMR) - reports of suspicious customer activity.
4. Record keeping
Keep customer and transaction data for at least 7 years.
5. Internal Control Programs
Existence of an approved anti-money laundering policy.
Regular staff training.
How the law affects players:
Consequences of non-compliance with the law for operators:
Conclusion
The AML/CTF Act is a key piece of regulation shaping tough rules for Australia's gambling industry. For players, this means mandatory identification, control of large transactions and the inability to hide the origin of funds. For operators - the need to strictly comply with monitoring and reporting procedures to avoid fines and loss of license.
The objectives of the law are:
- Preventing the use of gambling to launder criminal proceeds.
- Identify suspicious transactions and their sources.
- Protecting Australia's financial system from illegal transactions.
Obligations of gambling operators under the AML/CTF Act:
- 1. Customer Identification (KYC)
Verification of the player's identity before conducting financial transactions.
Collection and storage of documents confirming the identity and address.
2. Operations monitoring
Identify and record large transactions (typically $10,000 AUD and above).
Analysis of suspicious or unusual financial activities.
3. Transaction Messages
Threshold Transaction Reports (TTR) - mandatory reports on large transactions.
Suspicious Matter Reports (SMR) - reports of suspicious customer activity.
4. Record keeping
Keep customer and transaction data for at least 7 years.
5. Internal Control Programs
Existence of an approved anti-money laundering policy.
Regular staff training.
How the law affects players:
- When making or withdrawing significant amounts, the player is required to pass identification.
- An attempt to circumvent the requirements (splitting the amounts, using dummies) can lead to blocking the account and transferring data to law enforcement agencies.
- Information about suspicious transactions is transmitted to AUSTRAC and may become the basis for ATO verification.
Consequences of non-compliance with the law for operators:
- Large fines (millions of dollars depending on the severity of violations).
- License suspension or revocation.
- Criminal prosecution of responsible persons.
Conclusion
The AML/CTF Act is a key piece of regulation shaping tough rules for Australia's gambling industry. For players, this means mandatory identification, control of large transactions and the inability to hide the origin of funds. For operators - the need to strictly comply with monitoring and reporting procedures to avoid fines and loss of license.
