Daily Asia Gaming eBrief: Australia to further tighten AML/CTF rules with bill amendment

Thursday 12th of September 2024

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Good morning. There's no such thing as too much regulation. Or at least, that's the way that Australian authorities are playing it, with Parliament receiving proposed amendments to its AML/CTF bill yesterday. This involves increased customer due diligence, further lowering reporting exemption requirements, while also focusing on virtual assets - such as NFTs. Meanwhile, PAGCOR is still planning to privatize its self-run casinos, but has now pushed the date back to 2026, due to changes to its charter and its desire to launch a Gaming Academy.

What you need to know

Customer due diligence and virtual assets targeted in Australia's new AML/CTF Bill Amendment, ahead of FATF mutual evaluation.
PAGCOR’s casino privatization set for 2026, featuring charter amendment and establishment of a Gaming Academy to professionalize the industry.

On the radar

Bloomberry Resorts’ third casino in Cavite expected to open by 2028.
Genting Malaysia issues $525M in 7.25% notes via US subsidiaries.
The Star still in discussions with gov’ts, regulators and lenders over financials.
Wynn launches $800M in unsecured notes, using $130M to pay DOJ fine.
Queensland Club and Pub EGM revenue up in August, sets new record.

AGB Intelligence

AUSTRALIA

New AML/CTF bill amendments in focus in Parliament

Australia is aiming to pass amendments to its anti-money laundering and counter-financing of terrorism (AML/CTF) legislation, introducing a proposal to Parliament. Most of the proposed changes it aims to introduce by March of 2026, ahead of its mutual evaluation by the FATF. Regarding gaming, these focus on customer due diligence and virtual assets, while also expanding the financial watchdog's capacities.

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