Australia regulatory round up: Anti-money laundering body bares its fangs

There have been several recent changes to its gambling legislation in Australia that may have wide implications in both the online and land-based sphere, including the first case brought under the anti-money laundering laws by AUSTRAC. On 22 July 2015, AUSTRAC, the statutory body that has oversight of the Anti-Money Laundering and Counter-Terror Financing Act 2006 (Cth), which contains Australia’s anti-money laundering laws, initiated court proceedings against three subsidiaries of Tabcorp for “extensive, significant and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing legislation.” This is the first time that AUSTRAC has initiated Court proceedings under the AML/CTF Act, alleging 100 separate breaches of the AML/CTF Act by Tabcorp. This case is expected to set an interesting precedent for the Australian gambling sector. It will cause all gambling operators to ensure compliance with Australia’s anti‑money laundering regime and is likely to shake any belief that AUSTRAC is merely a “toothless tiger”. Meanwhile,...

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