Lawler Partners Hospitality

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COMPLIANCE WITH ANTI-MONEY LAUNDERING LEGISLATION

As you are aware, legislation was introduced into Australia by the Federal Government under the administration of Australian Transaction Reports and Analysis Centre (AUSTRAC) to fight AML/CTF in this Australia.

Any venue that has a poker machine or a TAB is required to adhere to the legislation which involves implementing various procedures and training at the venue and mandatory reporting to AUSTRAC.

During the first 15 months of the legislation AUSTRAC has not enforced the penalties for noncompliance, which could involve fines of up to $11 million for companies and $2.2million for individuals, but that period of grace has now expired.

Clubs Being Audited

AUSTRAC is now taking action and is stepping up its visits to businesses including Clubs, pubs, TAB agencies, casinos and bookmakers to ensure they are complying with the law.  A number of Clubs have now been subject to AUSTRAC Audits.  Those who have implemented the Lawler Partners package have received no further communication from AUSTRAC.

Please take time to read the attached article from AUSTRAC which highlights that organizations large and small are expected to comply with the legislation and those who don't may incur substantial penalty.

Lawler Partners has developed an AML Compliance package specifically tailored for the Club industry. For information on how Lawler Partners can assist your venue comply with the AML Legislation please contact Margaret Carew on 0409 999 909 or Peter Mc Lean on 0425 266 120.

As you are aware, legislation was introduced into Australia by the Federal Government under the administration of Australian Transaction Reports and Analysis Centre (AUSTRAC) to fight AML/CTF in this Australia.

Any venue that has a poker machine or a TAB is required to adhere to the legislation which basically involves implementing various procedures at the venue and mandatory reporting to AUSTRAC.

Compliance reporting first began in March 2008 with the second phase of compliance in December 2008; which required venues to collect certain information on their customers and to monitor and report their transactions.  Implementation of a compliance program and staff training program was also required.

The attached article from an Audit magazine details AUSTRAC's position that regardless of the size of the organization, compliance is required and non compliance can incur heavy penalties.

About Lawler Partners AML Compliance Package

The Lawler Partners AML/CTF Compliance package contains all the documents and forms required under the legislation, a detailed manual which is a useful reference to managers and directors and covers all the requirements of a Club under this legislation. Importantly, the package contains a quick reference handbook for staff which includes the documented policies, procedures and forms that are useful to staff on a day to day basis to ensure compliance is maximized.

In detail, the Lawler Partners AML compliance package includes:

- An outline of relevant AML policies and procedures (tailored for individual clubs as required)

- AML documents and forms clubs can utilise in

       - Know Your Customer procedures

       - Threshold transactions reporting

       - Suspicious Matter reporting

 - Staff training procedures and manual

For further information or questions about how Lawler Partners Hospitality can assist your Club in meeting the AML legislation call Margaret Carew on 0409 999 909 or Peter Mc Lean on 0425 266 120.