Drink up: AUSTRAC gives pubs and clubs AML guidance

New fact sheets for pubs and clubs on money laundering

AUSTRAC has published two new fact sheets on money laundering risks, to help pubs and clubs protect their business and improve their reporting behaviour.

Angela Jamieson, AUSTRAC’s National Manager Compliance, said the fact sheets capture the key findings from a six-month national awareness campaign to the pubs and clubs sector earlier this year. 

“We engaged with over 150 pubs and clubs across Australia and found that most of them wanted to do the right thing, but many are unaware that non-compliance in the industry leaves it exposed to criminal exploitation by money launderers,” said Ms Jamieson.

“We find that the venues regularly lodging suspicious matter reports are more likely to have effective systems and controls in place to identify and manage the risk of money laundering.

AUSTRAC’s new fact sheets for pubs and clubs outline the myths about money laundering that directly concern their business and how they can protect themselves from money laundering that may be occurring.

“Suspicious matter reports submitted by businesses such as pubs and clubs are highly valuable and support AUSTRAC and our law enforcement partners to identify and take action against a range of criminal activity, including drug dealing/trafficking and tax evasion,” said Ms Jamieson.

“Criminals are becoming smarter. Money laundering may be occurring even when a customer plays all of the money they deposit. Because of this, it is critical that you have a transaction monitoring program that can capture this form of money laundering.”

Links:

AUSTRAC Notice

Money laundering in pubs and clubs: Myths vs Facts

AML/CTF tips for pubs and clubs

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