Annual reports to AUSTRAC are due at the end of March. The industry has long been governed by the Anti Money Laundering and Counter Terrorism Financing (AML/CTF) Act 2006, with all venues with 16 EGMs or more being required to have an AML/CTF Program, train all their staff (and directors on boards) in monitoring and managing gaming activities to ensure minimising potential money laundering activity.
Should large clubs have different controls to the smaller, low risk venues? Is anyone asking these questions? However, small clubs are more at risk of falling over if their gaming revenue is dramatically reduced. Large gaming venues are at most risk of money laundering and also reduced income with the introduction of a Cashless Gaming Card and spending limits. Accordingly, while it is occurring, it is not widespread.” The Finding #5 states: “Using EGMs to clean large quantities of dirty money is high risk and inefficient. If the public, led by a well-meaning but biased media, actually read the reports available (like the 2022 Crimes Commission Report) they would find the scale of money laundering in clubs and pubs is very low, compared to other industries. Ron Browne has long been a proponent of revenue diversification in clubs.
