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The gaming industry in Australia permeates all levels of society, playing a significant role, especially within the sporting and entertainment sectors.
Due to its widespread nature and ease of access, gaming has become a common avenue for laundering illicit funds.
Australians are avid gamblers, spending over $24 billion annually. While this enthusiasm fuels industry growth, it also increases the potential for misuse, driving the need for stringent regulatory oversight.
In recent times, casinos have been the most visible targets of regulatory action. However, the focus has now shifted beyond the major operators, extending into all corners of the gaming sector.
Pubs, clubs, and online gaming platforms are facing heightened scrutiny. These businesses are required not only to strengthen their existing policies, procedures, and systems, but also to review and remediate past practices and client histories.
Recently, AUSTRAC released the Money Laundering in Australia and Terrorism Financing in Australia National Risk Assessments. These reports offer critical insights into the risks faced by the gaming sector and serve as essential tools for understanding and managing these challenges.
AUSTRAC has also conducted an extensive review of the sector, highlighting the urgent need for enhanced compliance. All industry participants must have a current AML/CTF programme and risk assessment tailored to their specific operations. Furthermore, these systems must be supported by staff training and sufficient resources.
The gaming industry’s dynamic nature means that as criminal tactics evolve, so too must the preventive measures. Regular review and independent assessment of AML/CTF programmes are necessary to keep pace with regulatory expectations and to mitigate risks effectively. Failure to comply can lead to regulatory enforcement actions.
Partnering with Momenta means working with a team that understands the unique challenges of the gaming sector. Our expertise, innovative solutions, and dedication to excellence ensure your organisation can effectively navigate these challenges and achieve its objectives. We are committed to enhancing compliance, improving service delivery, and optimising operational efficiency through resourcing & vetting, consultancy and advisory services, and technology-driven solutions.
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