Australia’s financial crimes watchdog has announced its regulatory priorities for 2024, with the gambling industry named among its central focuses yet again.
Just months after reaching a settlement with Crown Resorts that will see the casino operator pay AU$450 million (US$300 million) for historic AML failures – and with similar actions pending against Star Entertainment Group and SkyCity Adelaide – AUSTRAC said its 2024 priorities include an ongoing focus upon businesses “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.”
Additional sectors to come under enhance scrutiny include Digital Currency Exchanges (DCEs), payment platforms, bullion and non-bank lenders and financiers, it added.
“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,” said AUSTRAC’s Acting CEO Peter Soros.
“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.”
The regulator also noted that, among the sectors it will focus on, it will take a keen interest in board and senior management oversight around culture and risk management practises, effective transaction monitoring and managing outsourcing arrangements.
“Where AUSTRAC identifies emerging issues or serious non-compliance, it will promptly intervene to address such matters,” AUSTRAC said. “This may result in increased engagement, assessment, notifications and in some cases AUSTRAC enforcement action.”
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