AUSTRAC has released for consultation the draft Anti-Money Laundering and Counter-Terrorism Financing Rules (AML/CTF Rules) amending Chapter 10 of the AML/CTF Rules.
The draft AML/CTF Rules repeal Part 10.4 of the AML/CTF Rules, effective 29 September 2023.
Reporting entities that commence providing online gambling services to a customer on or after that date will be required to carry out the applicable customer identification procedure before commencing to provide the designated service to the customer in accordance with Measure 3 of the National Consumer Protection Framework for Online Wagering.
Under the Framework:
- Interactive wagering service providers must return all deposited funds and close an account immediately if a person is verified as a person under 18 years of age.
- Customers are not able to withdraw winnings prior to positive verification of their identity.
- Evidence must be provided that customer verification measures adhere to the ‘know your customer’ requirements.
Currently, paragraph 10.4.4 of the AML/CTF Rules requires reporting entities to carry out the applicable customer identification procedure, in relation to online gambling services within 72 hours of opening the account in the customer’s name.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
