How legal casinos fight money laundering
In Australia, AML/CTF in gambling is regulated by the federal Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and controlled by AUSTRAC (Australian Transaction Reports and Analysis Centre). Licensed online casinos are required to implement a set of measures to exclude the use of their platforms for illegal financial transactions.
1. Basic AML/CTF Casino Requirements
Customer Identification (KYC) - Identity verification prior to admission to deposits and rates.
Transaction monitoring - Monitor suspicious transactions in real time.
Reporting suspicious transactions - mandatory transfer of data to AUSTRAC when signs of laundering are detected.
Limits and control of large amounts - checking the source of funds when making or withdrawing significant amounts.
Keeping and storage of records - documentation of all financial transactions and actions of the client for at least 7 years.
2. Methods used by legal casinos
2. 1 Know Your Customer (KYC)
Request for documents: passport or driver's license, confirmation of address (utility bill, bank statement).
Reconciliation of data with national and international databases.
Ban on the use of anonymous payment methods.
2. 2 Continuous activity monitoring
Analysis of the frequency and volume of deposits and conclusions.
Detecting no-play bonus cashing schemes.
Automatic identification of patterns characteristic of money laundering.
2. 3 Reporting to AUSTRAC
* Suspicious Matter Report (SMR).
* Threshold Transaction Report (TTR) - report on transactions above the established limit (10,000 AUD and more).
3. Examples of situations that trigger validation
Multiple large deposits without playing or with minimal activity.
Using many different cards or accounts for top-ups.
Unusually fast deposit-output cycles without gameplay.
Discrepancy between the level of bets and the declared income of the player.
4. Operators liability for non-compliance with AML/CTF
Large fines (millions of dollars).
License suspension or revocation.
Public entry into AUSTRAC's offender register.
5. Impact on players
Mandatory verification of identity before withdrawing funds.
Possible requests for additional information for large translations.
Suspends operations until verification is complete.
6. Advantages of AML procedures for conscientious players
Improved account security.
Reducing the risk of facing fraudsters.
Guarantee that funds do not mix with illegal finances.
Conclusion:
1. Basic AML/CTF Casino Requirements
Customer Identification (KYC) - Identity verification prior to admission to deposits and rates.
Transaction monitoring - Monitor suspicious transactions in real time.
Reporting suspicious transactions - mandatory transfer of data to AUSTRAC when signs of laundering are detected.
Limits and control of large amounts - checking the source of funds when making or withdrawing significant amounts.
Keeping and storage of records - documentation of all financial transactions and actions of the client for at least 7 years.
2. Methods used by legal casinos
2. 1 Know Your Customer (KYC)
Request for documents: passport or driver's license, confirmation of address (utility bill, bank statement).
Reconciliation of data with national and international databases.
Ban on the use of anonymous payment methods.
2. 2 Continuous activity monitoring
Analysis of the frequency and volume of deposits and conclusions.
Detecting no-play bonus cashing schemes.
Automatic identification of patterns characteristic of money laundering.
2. 3 Reporting to AUSTRAC
* Suspicious Matter Report (SMR).
* Threshold Transaction Report (TTR) - report on transactions above the established limit (10,000 AUD and more).
3. Examples of situations that trigger validation
Multiple large deposits without playing or with minimal activity.
Using many different cards or accounts for top-ups.
Unusually fast deposit-output cycles without gameplay.
Discrepancy between the level of bets and the declared income of the player.
4. Operators liability for non-compliance with AML/CTF
Large fines (millions of dollars).
License suspension or revocation.
Public entry into AUSTRAC's offender register.
5. Impact on players
Mandatory verification of identity before withdrawing funds.
Possible requests for additional information for large translations.
Suspends operations until verification is complete.
6. Advantages of AML procedures for conscientious players
Improved account security.
Reducing the risk of facing fraudsters.
Guarantee that funds do not mix with illegal finances.
Conclusion:
- Australian licensed casinos are required to comply with strict AML/CTF standards, including player identification, transaction monitoring and reporting to AUSTRAC. These measures protect both the country's financial system and the players themselves, excluding the use of gambling platforms for money laundering and related risks.
