Austrac’s Anti-Money Laundering and Counter Terrorism Financing program has clearly outlined how clubs and pubs need to comply with the AML/CTF legislation. In line with this, the onus is on the venue to effectively document and manage their in-house programs – and if not done correctly they leave the venue exposed to operational, financial, and reputational risk.
According to Austrac, it is recommended that venues use the following tips to ensure their AML / CTF Program is effectively managed.
- Customise it to your business: Every club and pub is different – so make sure it is tailored to your venue and operations.
- Monitor Suspicious Activity: Keep an eye out for patrons who have winning tickets, ask for cheques in someone else’s name, regularly gamble large cash amounts.
- Report Suspicious Activity: Most often, money laundering occurs when patrons either receive significant cheque payouts frequently or when patrons make a significant deposit then cash out after only playing or using a small portion of this.
- Enrol & Report Compliance: Make sure you are enrolled with Austrac and that you submit your annual report by the deadline.
- Keep accurate electronic records of all transactions: Venues should be keeping records of all transactions pertaining to their place of business at all times.
Unfortunately, these tips alone are not enough. How do you actively monitor a large venue with limited resources and ensure that you are not falsely accusing your regular patrons? You use facial recognition technology in conjunction with an effective AML/CTF Program.
Facial recognition technology enables you to keep a record of suspicious activity – and then continue to assess whether it is a genuine issue. You cannot assume that every large transaction with big payouts is money laundering, but you can keep track of patrons who frequent your venue and identify which of them could potentially be engaging in illegal activities.
Facial Recognition technology can also assist with the identification and ultimate prosecution of individuals who are engaging in illegal money laundering activities. Having a clear record of when they visited your venue and their actions during their visit.
This will not only ensure that you meet your requirement to monitor and report suspicious activity to Austrac, but it will also assist them in their investigations. All this information can either be stored securely in the cloud or on-premises.
A venue’s failure to keep accurate records of as well as effectively monitor and report suspicious activities, leave themselves open to legal action and significant fines. Using Facial Recognition Software that integrates into your existing technology and CCTV infrastructure enables you to better manage this and ensure your compliance with the Act.
If you are interested in finding out more about how you can use facial recognition to meet your AML/CTF requirements and comply with a raft of other industry regulations, get in touch with us, we would be happy to arrange a demo or one month trial of the system.
Sales Manager – Element Security
t: 1300 325 276