Latest Products

MOU with Victorian Gaming Regulator

Friday 29 April 2022

This week saw a memorandum and understanding between the Australian Transaction Reports and Analysis Centre(AUSTRAC) and the Victorian Gambling and Casino Control Commission (VGCCC).

According to the Australian financial unit  agency this will improve information sharing between to the two agencies.

AUSTRAC CEO Nicole Rose said in an official statement, “The impact on the community of criminals exploiting the gambling industry to launder the proceeds of serious crime cannot be underestimated. It is critical for AUSTRAC and its state and territory-based regulatory and Government partners to work together to ensure the gambling industry is hardened against misuse by criminals.”

The gaming industry has been in enforcement spotlight with the civil penalty proceedings proceeding in the Federal court against
Crown Melbourne and Perth for systemic non-compliance with Australia’s anti-money laundering and counter-terrorism  financing laws and the expansion into the investigation into the STAR which has number of allegations of non-compliance brought against that extend beyond the AML/CTF regimefrom breaches of the AML CTF to allegedly failing to correctly categorise gamblers from overseas.

VGCCC Executive Director of Compliance Adam Ockwell said in joint statement with AUSTRAC, “Having faster access to AUSTRAC’s financial intelligence will strengthen our work in identifying any emerging financial crime issues so we can take appropriate regulatory action, including education measures, to minimise harm, protect the community and ensure the integrity of the gambling industries in Victoria.”

AML & Financial Crimes Congress 2022