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AML/CTF Compliance

All Australian businesses must collaborate with Australian Transaction Reports and Analysis Centre (AUSTRAC) to prevent illegal activities such as financial crime, but there is a range of diverse AUSTRAC obligations that hospitality venues are required to fulfil that, without appropriate knowledge of AUSTRAC compliance, can fail to satisfy an investigation.

Under Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (AML/CTF Rules) gaming venues must ensure they perform the following compliance procedures:

  • Maintain an AML/CTF Compliance Program.
  • Appoint a AML/CTF Compliance Officer with appropriate skills and knowledge.
  • Perform reference, visa and background checks as part of the recruitment process for all new employees.
  • Perform police checks on new gaming employees or employees that are in a position to influence Anti-Money Laundering and Counter-Terrorism Financing in the operation i.e. reception staff, duty managers, supervisors.
  • Ensure that a training register is maintained to keep up to date information on employees’ qualifications i.e. AUSTRAC inductions, staff meetings, AUSTRAC training sessions.
  • Monitor and review systems to ensure they remain effective.

The penalties for failing to complete compliance independent reviews or training can be severe, not to mention the financial risk you are vulnerable to.  These checks should form part of your ongoing risk assessment of your venue’s operations, as well as performing an independent annual review that will ensure compliance with AUSTRAC requirements.

Managing an effective Anti-Money Laundering and Counter-Terrorism Financing Compliance and Auditing program for your business can be a complex and stressful task if you don’t have the expertise on hand. Our Safety and Compliance team are experts in the AML/CTF Act and can provide assistance with your venues compliance programs.

Is your business compliant? Use the downloadable DWS Safety and Compliance checklist to identify if your business is compliant under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

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The DWS Safety and Compliance team can assist you and your venue with your AUSTRAC compliance. Contact the team today on 07 3878 9355 or safety@dws.net.au

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