AUSTRAC, Australia’s federal financial regulator, has released its top priorities for next year, and the gaming industry was again listed as an area of interest, along with payment platforms, non-bank lenders and financiers and digital currency exchanges.
In a release, the agency said that it will work to make sure that businesses are “understanding, mitigating and managing the money laundering and terrorism financing risks they face, particularly across the banking, gambling and remittance sectors, which face higher risks.”
In addition to added scrutiny for certain sectors, AUSTRAC also said it would take a greater interest in oversight from senior-level management for things like outsourcing agreements, risk management practices and transaction monitoring.
“These priorities signal our ongoing intent to work with businesses to embed a culture of vigilance, ensuring everyone at every level is aware of the threat of financial abuse and criminal exploitation,” AUSTRAC’s Acting CEO Peter Soros said in the release.
“Criminals target businesses with weak anti-money laundering settings, which is why AUSTRAC’s regulation, through education and supervision, is crucial to safeguarding Australia’s communities and financial systems from financial harm.
“Although today’s announcement calls out certain sectors, all industries sectors should expect interaction and engagement from AUSTRAC.”
In 2023, the agency had its fair share of gaming-related work, most notably a US$300 million settlement with Crown Resorts for AML/CTF failures. Fellow operators Star Entertainment and SkyCity are also both currently involved in proceedings, and both are expected to face similar fines in the near future.
