WHAT IS A RISK-BASED AML/CTF REGIME?
WHAT ARE THE ML/TF RISKS FACED BY BOOKMAKERS
THE GAMING SECTOR'S AML/CTF OBLIGATIONS
WHAT ARE THE ML/TF RISKS FACED BY CASINOS
WHAT ARE THE ML/TF RISKS FACED BY GAMING MACHINE VENUES
HOW CAN CUSTOS ADVISORY HELP?
The AML/CTF regime is risk-based, which means that your responses to the AML/CTF obligations placed upon you should be risk-based
.A risk-based AML/CTF regime requires that you understand and address the Money Laundering and Terrorism Financing (ML/TF) risks associated with the services you offer.
You must then design, implement and maintain systems, procedures and controls that appropriately manage and mitigate your ML/TF risks.
Businesses involved in the gaming sector captured by the AML/CTF obligations must ensure their organisation conducts a comprehensive ML/TF risk assessment to identify, assess, mitigate and manage ML/TF risk exposures. This is a critical first step in complying with the AML/CTF Act and Rules.
Gaming sector businesses then need to develop and maintain an AML/CTF Program that is aligned to their business and the State-based gaming requirements.
Bookmakers and betting agencies are attractive to criminals wanting to launder the proceeds of crime.
Bookmakers are vulnerable to money laundering activities for various reasons, such as ease of access, anonymity, and high volume of cash transactions.
Bookmakers may also have become more attractive to criminals over the past few years as the financial sector has implemented more comprehensive AML/CTF measures, with a focus on cash.
Casinos are attractive to criminals wanting to launder the proceeds of crime.
Casinos are vulnerable to money laundering activities as many casinos offer services similar to financial institutions, including accounts, foreign exchange, money changing, and electronic funds transfers.
Casinos may also have become more attractive to criminals over the past few years as the financial sector has implemented comprehensive AML/CTF measures.
Gaming machine venues such as hotels, pubs and clubs are vulnerable to being used by criminals to launder the proceeds of crime.
Gaming machine venues handle significant quantities of cash and support the conversion of cash into cheques and electronic funds transfers, thereby potentially concealing the illicit origin of funds.
Gaming machine venues may also have become more attractive to criminals over the past few years as the financial sector has implemented more comprehensive AML/CTF measures with a focus on cash.
With over 50 years of expert knowledge and real world experience, our AML/CTF compliance solutions will help you to navigate your legal and regulatory requirements so that your business complies with its AML/CTF obligations in the fastest and most cost-effective way.
Initialism has a range of AML/CTF solutions to support your business in becoming AML/CTF compliant and maintaining compliance.