According to AUSTRAC, the national financial intelligence agency, the updated framework replaces large portions of the 2007 AML/CTF instrument and introduces clearer, more targeted obligations. The Explanatory Statement notes that “Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime establishes a regulatory framework for combating money laundering, terrorism financing and other serious financial crimes. At its core, the AML/CTF regime is a partnership between the Australian government and industry.”
For gambling businesses, this partnership translates into heightened responsibilities. Operators will need to apply enhanced customer due diligence, develop and maintain AML/CTF programs tailored to their risk exposure, and continue filing suspicious matter reports (SMRs) and threshold transaction reports (TTRs). The new Rules update reportable details for these obligations and also require policies to ensure that payer and payee information accompanies electronic transfers, including those involving virtual assets, in line with the “travel rule.”
The Explanatory Statement warns that failure to adapt would undermine the entire system. “Without reform to address these problems, the AML/CTF regime will become increasingly less effective and more wasteful over time. The costs of inaction are significant.”
