As featured in QHA Review magazine
Money laundering is more common through gaming machines than many licensees realise and many hotels underestimate the risk of money laundering in their venue. The Australian Transaction Reports and Analysis Centre (AUSTRAC) have identified hotels as vulnerable targets for money laundering practices through their recent campaigns. All hotels with gaming machines should be aware of their Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) reporting obligations and the requirement for them to have a compliant AML/CTF plan.
Accordingly, AUSTRAC has developed the following tips for hotels in protecting themselves against money laundering:
It is important for hotels to be reporting any suspicious matters to AUSTRAC and taking their AML/CTF responsibilities seriously. Your hotel will not get into trouble for reporting for AUSTRAC and where there is no criminal activity, the customer will not be adversely affected. However, a hotel can be fined if they do not comply with the requirements under the Anti-Money Laundering and Counter-Terrorism Financing Act including, having a compliant AML/CTF program in place and reporting suspicious matters in their venues.
We can assist you in tailoring a compliant program for you. Please give me a call on 3224 0230 if you would like any assistance.
"The content of this publication is for reference purposes only. It is current at the date of publication. This content does not constitute legal advice and should not be relied upon as such. Legal advice about your specific circumstances should always be obtained before taking any action based on this publication."