Barringtons have been working in the Club industry for the past 30 years and have established a reputation of excellence in areas of compliance, training and investigations.
The Club and Gaming Industry is incredibly diverse and constantly evolving. AML/CTF compliance is a crucial part of the grid of rules and regulations that Clubs must be abreast of. Why not tap into our expertise, where compliance is our business.
Why you need an AML Program
Clubs with 16 or more EGMs are a ‘Reporting Entity’ under AUSTRAC Rules.
The Anti-Money Laundering/CounterTerrorisim Financing Act 2006 (AML/CTF Act) prohibits a club from allowing people to play a game on a gaming machine unless the club has an AML/CTF program approved by the directors in place.
What is a 'Reporting Entity'
An entity that provides any designated services listed under section 6 of the AML/CTF Act. These entities generally provide financial, gambling, bullion or digital currency exchange services. All reporting entities must meet obligations under the AML/CTF Act.
Penalties for Non-Compliance
The maximum penalty for a club is $21 million per breach. The maximum penalty for an individual (including directors and senior management of clubs) is $4.2 million per breach. These are significant amounts of money, and directors and officers should be aware that they are not covered by insurance for these types of penalties.
Barringtons AML/CTF Services for Clubs include the following:
- Develop an AML/CTF Program for your venue
- Provide an AML/CTF Risk Assessment for your venue
- Facilitate regular independent review of your AML/CTF Program
- Provide advice and assistance in implementing your AML/CTF Program
- Online AML/CTF risk awareness training program for your staff
- Online training program for your designated compliance officer to understand their obligations in this role
- Online training program for your directors and senior management
Contact Tanya Hill on firstname.lastname@example.org or your Barrington's representative for more information or to book in your AML Program today!