The overall money laundering/terrorism financing (ML/TF) risk for Australia’s on-course bookmaking sector is assessed as low. The services provided by on-course bookmakers are likely to facilitate low levels of money laundering and tax evasion.
No terrorism financing through the sector was observed during the development of this report. The declining nature of the sector and a range of other factors limit the vulnerability of the sector to money laundering and other criminal misuse. On-course bookmakers with relatively large turnovers, including those that provide online betting accounts, are more vulnerable to criminal misuse than other entities.
This risk assessment provides detailed information to help the sector understand and respond to the risks associated with the services provided by on-course bookmakers.
This risk assessment is intended to provide a summary and general overview. It does not assess every risk or product relevant to the on-course bookmaking sector. It does not set out the comprehensive obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), regulations and AML/CTF Rules. It does not constitute nor should it be treated as legal advice or opinions. The Commonwealth accepts no liability for any loss suffered as a result of reliance on this publication. AUSTRAC recommends that independent professional advice be sought.