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Gaming venues, due diligence and anti-money laundering and counter-terrorism financing rules

4 September 2014

The updating of the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) (Cth) tightens the regulation of reporting entities' due diligence obligations regarding the source of funds flowing through their businesses. This has important ramifications for gaming venues.

Reporting entities must now keep their documentation up to date and incorporate the new beneficial owner identification requirements into their information gathering regime.

The changes, which came into effect on 1 June 2014, require reporting entities to become fully compliant with the changes by 31 December 2015, with greater urgency being applied to the reporting processes for new customers who are assessed as "high risk".

For more information please contact:

Curt Schatz | Partner
Mullins Lawyers
t +61 7 3224 0230
f +61 7 3224 0333
cschatz@mullinslaw.com.au

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