Anti Money Laundering/Counter Terrorism Financing


In Australia, there are comprehensive laws and policies against money laundering, terrorism financing and tax evasion. To be suitably protected against illegal activities like the above, Australian business owners who provide designated services must be aware of these policies. They must cooperate with the Australian Transaction Reports and Analysis Centre (AUSTRAC). Hospitality service providers are especially required to adhere to such AUSTRAC obligations and many others. Businesses operating in this industry must have their own policy according to the anti-money laundering/counter-terrorism financing compliance program (AML/CTF).

What is AML/CTF Compliance?

Reporting entities to come up with a toolkit to identify money laundering and terrorism financing (ML/TF) risks. The relevant businesses must have documented policies, procedures and controls to diminish these risks. As per the  Anti Money Laundering and Counter Terrorism Financing Act 2006 and AML/CTF Rules 2007, venues must ensure that they have a tailored anti-money laundering policy.

This anti-money laundering compliance must have the following procedures:

  • Prepare a policy on AML/CTF Compliance Program before they provide gaming and/or wagering services;
  • Regularly assess the Money Laundering/Terrorism Financing risk that the organisation faces;
  • If your business can afford it, hire an AML/CTF compliance training officer who has skills and knowledge on this;
  • At the time of new recruitment, perform employee due diligence;
  • Keep up to date information on employees’ qualification i.e. AUSTRAC inductions, staff meetings, mandatory AUSTRAC training sessions, etc; and
  • At regular intervals, independently review your system to make sure they remain effective

The penalties for failing adhere to AML/CTF requirements can be very severe to both the business and to individuals in the order of millions of dollars per breach!

LBA's AML/CTF Compliance Program

To manage this AML/CTF compliance program by your own business can be difficult if you don’t have the right expertise. There should be a comprehensive anti-money laundering/counter terrorism financing compliance program for your venue to complete this complex work.

Leigh Barrett and Associates has a team of experts in the AML/CTF field who can provide cost effective anti-money laundering services for your venue's compliance. We have written AML/CTF compliance programs which significantly reduce costly money laundering and terrorism financing risks to the customer.

Please contact us via our website or call us on (03) 9404 1642.