Know Your Customer (KYC) Requirements

ANTI-MONEY LAUNDERING PROGRAM
KNOW YOUR CUSTOMER (KYC) REQUIRMENTS

The Know Your Customer (KYC) rule essentially states that the Pub or Club must use reasonable effort to ensure that as much as possible is known about patrons using their gaming facilities. Gaming staff is expected to be diligent and report unusual customers and/or behavior to the Compliance Manager or General Manager.
It is a requirement that the Hotel or Club site record and retain a record of all customers’ essential facts receiving a cheque for gaming winnings. The primary customer identification must include the customer name, address, and date of birth, generally a driving license or passport. If the customer is using a secondary form of identification, they must produce 2 forms. The Government or a Financial Institution will generally issue these.
The difference between Anti Money Laundering (AML) and KYC is that AML is an umbrella term covering all AUSTRAC requirements. KYC is one component of a Pub or a Club’s requirement that confirms their customer’s identity.
Should a Hotel or Club require assistance implementing an AML/CTF Program or a component of the Program into their venue, The AML Company can assist. We are a boutique company that specialises in assisting Pubs and Clubs in managing their Anti-Money Laundering and Counter-Terrorism needs. The focus is on ensuring that our clients meet their AUSTRAC obligations. We work to ensure Pubs and Clubs understand AUSTRAC regulations as they pertain to gaming machines. Each of our clients implements an AML/CTF Program. Programs are implemented with the Pub or Club on a face-to-face basis. During the implementation, we will meet with the venue’s General Manager or Licensee. We work with the Compliance Manager to implement policies, procedures, and systems to facilitate the ongoing management of AML/CTF risks. All programs are developed using a risk-based approach. Our methodology is not based on one size fits all. We aim to assist clients in making compliance with AUSTRAC as seamless as possible. The AML Company has been working with Pubs and Clubs in NSW and QLD for 10 years. Following the implementation of a program, we are available to assist clients 7 days a week.

 

The AML Company are experts in Pub and Club AML/CTF compliance. We offer cost-effective and compliant AML/CTF Program solutions to Pubs and Clubs in Australia.
We have been providing AML/CTF compliance programs to the pub and club industry for over 15 years. The AML Company is a boutique company that has provided Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Risk Analysis to Clubs, Pubs, and Financial Institutions for the past 15 years.  Our business focus is on AUSTRAC regulations as they pertain to gaming machines within Pubs and Clubs. We aim to make compliance with regulations as easy as possible for our clients.