What is an Anti-Money Laundering Program?

WHAT IS AN ANTI-MONEY LAUNDERING PROGRAM

For a Pub or Club to comply with Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations, the venue must have an AML/CTF Compliance Program.
An AML Program has a set of regulations and procedures that businesses offering a designated service must follow. For Pubs and Club’s the designated services will generally be TAB and Gaming Machines. A separate Program is required for each type of gambling.
The Pub AML/CTF Program or Club AML/CTF Program outlines how the business will prevent and detect money laundering.
All Hotels and Clubs must appoint an AML/CTF Compliance Officer responsible for the appropriate AML/CTF Compliance Program. The business AML/CTF Program should not be one size fits all. It should pertain to the particular venue and consider such things as the number of gaming machines, the location of the venues, and the opening hours of the venues. There are several other things that should also be considered.
Having an AML/CTF Compliance Program relevant for your business and complying with that Program enables AML compliance. The program should address all aspects of AML/CTF regulation. AUSTRAC regulates AML/CTF.
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 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.