Australian Casinos Lobby for Exclusion from "Know Your Customer" Rule
21 March 2006
Casino facilities in Australia are currently lobbying the federal government for an exemption from the "know your customer" rule that authorities are considering implementing under the proposed anti-money-laundering and counter-terrorism laws. Drafts of these laws, which are yet to be fully publicized, suggest that Australian financial institutions as well as casinos should be obligated to perform background checks on all of their customers.
Nevertheless, Australian Casinos Association executive director Chris Downy has a different take on the issue. According do Downy, casinos must be approached differently than banks and other financial service institutions. Downy believes that it is extremely impractical to require that casinos monitor each and every visitor who places a wager because most of the gamblers are private individuals, who seek casino entertainment as part of their recreational activities rather than having ulterior motives.
Minister for Justice and Customs Chris Ellison was reported as saying that the government has taken into consideration the financial service industry's concerns regarding the cost of compliance to the proposed customer background-rule, and is likely to choose a more "risk-based" approach. Downy, who believes that the chances are slim that casino customers could be involved in terrorist financing, wants to make sure that casinos are classed as low-risk organizations as well.
Source: Authorized Online Casinos News Staff
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