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AUSTRAC implements new AML and CTF regulations
The Australian Transaction Reports and Analysis Centre’s (AUSTRAC) reforms introduced in 2024 have now come into force, imposing stricter compliance demands for businesses like casinos that are vulnerable to financial crimes.
The government estimates that illegal financial flows in the country amount to $54 billion annually, as the updated regulations aim to reduce this number. It’s expected that the new laws will create a risk-based system, with companies now required to identify potential risks before accepting customers and continue monitoring them over time.
Gambling operators will have to conduct identity checks, assess beneficial ownership, and screen for politically exposed individuals. Due diligence rules for customers have also been strengthened, with stricter checks for high-risk persons and simpler processes in lower-risk cases.
The threshold for reporting has been decreased from $10,000 to $5,000 for casino operators in an effort to widen the scope of financial transactions that have to be closely monitored.
AUSTRAC stated that businesses must enrol as a reporting entity by July 29, 2026, through the enrolment form on AUSTRAC Online, as well as have an AML/CTF program and compliance officer, and train staff based on the program.
AUSTRAC chief executive Brendan Thomas admitted that some operators had started improving their systems, but weaknesses were still found. He stressed that the reforms aim to prevent criminals from hiding illegal funds and presenting them as legitimate income.
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