Casino
December 14, 2020
AUSTRAC Identified Serious Risks Related to Junket Operations
Australian financial crime watchdog AUSTRAC uncovered a number of criminal activities related to casino junket operators which are being targeted by organized crime and foreign spies to facilitate dirty cash flows through the casinos, as well as make political donations. “Some junket tour operations have been exploited, and in some instances infiltrated, by serious and […]
Legal
December 7, 2020
AUSTRAC Says Casinos Responsible for Overseeing Junket Operators
AUSTRAC’s CEO, Nicole Rose, has said that the regulatory onus is on individual casinos to ensure that junket operators do not pose risk to AML compliance. Australian Financial Fraud Squad Says Casinos Must Regulate Junkets ‘Do not pass business responsibility onto regulators,’ this is the unambiguous message Nicole Rose, head of Australia’s financial fraud squad […]
Legal
November 13, 2020
AUSTRAC Highlights Failings in Regulation of Junket Operators
A revised report by the Australian Transaction Reports and Analysis Centre (AUSTRAC) has revealed weaknesses in the way junket operators are regulated and the degree to which the regulator can prevent money-laundering and other crimes in Australia. AUSTRAC Report Reveals Overall Junket Regulation Weaknesses Australia may be struggling with tackling money laundering operations, which stem […]
Legal
October 19, 2020
AUSTRAC Launches Investigation into Crown’s Compliance
Crown Resorts announced Monday its flagship casino in Melbourne has been subjected to an investigation by the Australia’s financial crimes regulatory body, the Australian Transaction Reports and Analysis Centre (AUSTRAC). Due to an assessment which started in September 2019, the agency is concerned with the way the casino is handling high net worth individuals (HNWIs) […]
Legal
September 2, 2020
NSW Inquiry: Crown AML Did Not Monitor Suspicious Bank Accounts
The public inquiry into the suitability for casino license of Crown Resorts for its new resort in Barangaroo continued as the inquirers heard from Crown’s top legal officer casino’s anti-money laundering (AML) teams did not monitor a couple of bank accounts which have been suspected to have been used to clean dirty cash. Previously, Crown’s […]