advisory
AML/CTF Compliance
Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) compliance can be complicated and daunting. We believe in simplifying and demystifying this process for our clients.
AUSTRAC considers licensed gaming venues, such as clubs and hotels, and online gambling services such as sports betting and bookmaking to be high-risk businesses for money laundering and terrorist financing. As a result, they must comply with strict money laundering laws, ensuring they have strong measures in place that manage and minimise these risks.
We know the gaming and gambling industry is fueled by passion, but it’s also one of the most regulated environments to operate in.
We see the common challenges gaming venues face. Lack of dedicated compliance resources, out-of-date risk assessments, untailored AML/CTF programs, ineffective transaction monitoring, undocumented policies, and staff unfamiliar with red-flag indicators – these issues are everywhere. But they don’t have to be your venue’s issues.
We deconstruct each step, helping you understand, implement and monitor your compliance needs with ease, no matter the size or structure of your business.
Learn more about our AML/CTF services:
In a market of AML/CTF providers, what sets us apart?
We pride ourselves on our specialised focus and depth of expertise. As a boutique advisory and law firm, working exclusively with the gambling industry, we represent some of Australia’s largest betting operators, and licensed gaming venues across the nation.
We’re not just advisors, we’re active participants, on the pulse of the critical conversations and regulatory shifts that shape your industry, and we adapt our services in real-time to keep you ahead. We’re proud of our transparency with clients, and make sure to walk you through each compliance step, offering guidance that’s always accessible and easy to understand.
Senet Compliance Vault
When you work with us, you don’t just receive years of experience, you get exclusive access to the Senet Compliance Vault– an essential online resource packed with best-practice tools, templates, checklists, training packs, and our annual ‘Let’s Talk AML’ series designed to keep staff engaged and up to date. The Compliance Vault has been intentionally curated to simplify your day-to-day AML/CTF compliance.
Get in touch for a complete range of gambling law and advisory services
FAQ
AML/CTF Knowledge
-
AUSTRAC is the Anti-money Laundering and Counter-terrorism Funding (AML/CTF) regulator in Australia.
Under the AML/CTF Act, certain gambling activities are classified as ‘designated services’ and, as such, reporting entities are required to register with AUSTRAC, develop and maintain a compliant AML/CTF Program and report certain transactions to AUSTRAC, including by way of TTRs and SMRs.
Failure to comply with the AML/CTF Act, including by not maintaining a compliant AML/CTF Program, and not filing TTRs and/or SMRs (or filing them late), can result in large civil penalties and possible criminal exposure. For example, in 2017, a large Australian gambling company paid an AUS $45 million civil penalty to AUSTRAC for the failure to comply with certain requirements under the AML/CTF Act. More recently, a AUS $450 million civil penalty was applied to an operator in the casino sector. Additional litigation involving alleged breaches of the AML/CTF is on foot against other casino licensees at the time of writing and investigations are continuing in relation to a number of betting operators.
Lotteries (including keno) are not classified as “designated services” under the Act.