AUSTRAC's Risk Assessment and National Compliance teams visited Canterbury Park Racecourse recently for a mid-week race meeting, at the invitation of the CEO of the Australian Bookmakers' Association (ABA). The visit was arranged to gain further understanding of on-course bookmakers and back-end operations of the track, and the potential money laundering risks in the industry.
During the visit AUSTRAC staff met with on-course bookmakers and the state gaming regulator. Following discussions between AUSTRAC and the ABA earlier in 2017, it was agreed that a number of activities, including this visit, would be undertaken to enhance collaboration. AUSTRAC will continue to work with the industry throughout 2017 to build a shared understanding of risks in the sector, and produce targeted guidance.
During AUSTRAC’s visit the ABA, bookmakers and the regulator were very receptive and provided detailed insights that will assist AUSTRAC with its work. Canterbury Park is one of the four Sydney racecourses supervised by the Australian Turf Club. Along with Moonee Valley, it is one of only two racecourses in Australia with lighting to allow racing at night.
Did you know? On-course bookmakers, along with casinos, are one of the few forms of legal gambling in Australia with no maximum limit set on the amount of cash payouts. Electronic gaming machines are set on a state-by-state basis by individual gaming regulators.