When eight years ago, Oshi casino entered the gambling market, they were confronted with the necessity to receive high-quality legal support that we gladly provided. If you’re operating a gambling business in the controlled by government rules sector and need help in obeying anti-money laundering (AML) liabilities, reach us out.
Australia has been an attractive market for iGaming companies owing to its large population, wealth, and high disposable income. As a consequence, Australian regulators have imposed stringent AML obligations on the companies that oftentimes aren’t understood. This article will provide a brief overview of the basic concepts behind Australia’s Anti-Money Laundering (AML) requirements for the purposes of facilitating understanding for those unfamiliar with them.
The Dangers of Non-Compliance
Australia’s Anti-Money Laundering (AML) laws are the world’s toughest. With recent amendments to legislation, non-compliance has become an increasingly difficult issue for Australian companies and individuals. If you’re not sure about your obligations as a business or individual, it is important that you get in touch with our specialists at iacc: customer protection today. Non-compliance with AML obligations can result in severe penalties and even criminal charges — this includes any person who provides money laundering services.
About AUSTRAC: The Little-Known Regulator Keeping Australians Safe
Australia has several agencies to help regulate the fiscal system, including the Reserve Bank of Australia and ASIC. AUSTRAC is not as well-known as these other regulators but it plays an important role in fighting crime, for instance, money laundering. In 2003, Australia passed legislation to establish AUSTRAC so that authorities could share information about dubious crimes related to terrorism financing, drug trafficking, organized crime and tax evasion.
The main function is to analyze transfers in Australia. This includes cross-border funds transfers, foreign exchange transfer, import/export activity and international electronic fund transfers. AUSTRAC also investigates dubious activities. AUSTRAC is a government agency under the Financial Intelligence Agency Act 2001 which aims to safeguard Australia’s national security. The organization monitors transfers made by banks, casinos, money service businesses and other non-bank financial institutions as well as large traders of digital currencies, for instance, Bitcoin.
AML Fundamental Elements
AML is a procedure of hiding the proceeds of crime and corruption by making them appear to have originated from a legitimate source. The liabilities are regulations that aim to prevent or minimize the risk associated with funds. There are four steps an entity must take in order to obey anti-money laundering obligations: register with AUSTRAC, develop an AML program, inform about dubious matters, and keep data track for seven years.
Casinos, both online and land-based, are a lucrative sphere. They often make lots of billion dollars annually and provide jobs for tens of thousands of people. But with this profit comes great responsibility – to ensure that the casino is operating legally by following laws that regulate how they conduct business. One of these regulations is Know Your Customer (KYC) compliance, which mandates casinos obeying anti-money laundering legislation in their countries or jurisdictions.
Betting has been on the rise since it became legal in the majority of states and countries. This new trend has brought a lot of benefits to both consumers and providers, but also brings some regulatory calls that should be addressed. If you wonder, a trusted schema should comprise customer due diligence, advanced due diligence procedures, staff training, reporting claims, ongoing consumer tracking, unbiased checks and prevention measures.
Summary
Aussie casino operators have been an integral part of Australian society for many years. It’s a business that has thrived and grown in the controlled by government rules sector, making it easier for consumers to find the games they want to play with greater convenience. As Australia is constantly evolving, new gambling enterprises are popping up all over.
The world of gambling has grown, so have its risks. When a business decides to enter the industry and becomes aware of their AML liabilities, they need high-quality legal support that can ensure they’re compliant with Australian law. If you’re interested in becoming an Australian casino operator or are already running a controlled by government rules business, we are at your service.