Australia’s new AML/CTF rules take effect, tightening oversight on gambling operators

Casinos, pubs, clubs and bookmakers face stricter customer due diligence and heightened accountability for senior management.

Australia.- AUSTRAC’s new anti-money laundering (AML) and counter-terrorism financing (CTF) framework came into effect today, imposing new obligations on sectors deemed high-risk, including casinos, bookmakers and pubs and clubs with gaming machines.

Unveiled in 2024, the rules expand coverage to over 100,000 businesses. Core changes mandate risk assessments before onboarding customers, enhanced customer due diligence (CDD) for identity verification, beneficial ownership checks, checks for politically exposed persons (PEPs) and sanctions screening.

For gambling operators, the suspicious transaction reporting threshold has been lowered from AU$10,000 (US$6,870) to AU$5,000 (US$3,435). Operators must also comply with expanded transaction monitoring to flag unusual patterns and requirements for dedicated compliance officers. Senior management must now oversee AML risks directly, with businesses required to file Suspicious Matter Reports (SMRs).

AUSTRAC CEO Brendan Thomas, speaking at Sydney’s Regulating the Game conference in March, noted improvements in some operators’ programmes but flagged “systemic weaknesses” such as inadequate risk assessments and poor implementation of cash-handling procedures.

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Casinos, pubs, clubs and bookmakers face stricter customer due diligence and heightened accountability for senior management. Australia.- AUSTRAC’s new anti-money laundering (AML) and counter-terrorism financing (CTF) framework came into effect today, imposing new obligations on sectors deemed high-risk, including casinos, bookmakers and pubs and clubs with gaming machines. Unveiled in 2024, the rules expand coverage…