The financial crimes watchdog knew for years casino junket operators were a risk for potential money laundering. Picture: supplied.Source:The Daily Telegraph
The financial crimes watchdog knew for years casino junket operators were a risk for potential money laundering but flagged it was powerless to prevent tainted funds from entering Australia.
A 2017 AUSTRAC report reveals the regulator was aware Asian junket operators used by a swath of casinos to bring in high-roller VIP players from overseas were a major money laundering and terrorism financing hazard due to the lack of visibility around where funds were being sourced from.
The range for our most popular Casino Surveillance Operator positions (listed below) typically falls between $30,162 and $84,015. Keep in mind that salary ranges can vary widely depending on many important factors, including position, education, certifications, additional skills, and the number of years you have spent in your profession. Online gambling operators strongly oppose the Swedish government’s plan to extend online casino restrictions until June 2021. The reason for the introduction of these temporary restrictions in July was due to concerns about gambling behavior during the COVID-19 pandemic.
“Neither AUSTRAC nor the casino is privy to the agreement made between the junket tourism operator and the junket participant or any third parties,” the regulator said in its report.
“It is AUSTRAC’s view that the obscurity of the relationship between the JTO (junket tour operator) and junket participant is vulnerable to exploitation for money-laundering purposes.”
Largest Casino Operators In Us
AUSTRAC CEO Nicole Rose says regulating junket operators is a challenge. Picture: NCA NewsWire / Gary RamageSource:News Corp Australia
AUSTRAC in its report also noted casinos appeared to underestimate and not take seriously
money-laundering risks associated with overseas junkets.
The report, which has been tabled to the Senate, coincides with a NSW Independent Liquor and Gaming Authority (ILGA) probe into Crown Resorts to determine if the casino giant should retain its gaming licence for its Sydney Barangaroo development scheduled to open in December.
The ILGA inquiry has heard evidence that Crown’s major junket partner Suncity was linked to organised crime syndicates and allegedly laundered money through Crown’s Melbourne and Perth casinos.
In 2017, AUSTRAC said Australian casino junket operations were “broadly” compliant with anti-money-laundering and counter-terrorism financing laws.
In October, the regulator launched formal investigations into Crown for alleged breaches of Australian anti-money-laundering laws following a failed compliance check in September 2019.
The NSW ILGA inquiry has heard evidence Crown’s major junket operator has allegedly laundered money through its Melbourne and Perth casinos. Picture: NCA NewsWire / Jeremy PiperSource:News Corp Australia
AUSTRAC chief executive Nicole Rose has previously said the regulator’s 2017 junket compliance assessment was “aged” and “not correct”.
“I am told the risk assessment has now aged and is not correct,” Ms Rose told Senate Estimates in October when handed a heavily redacted version of the report.
“The issue with junkets … is that they are hosted offshore, and there are challenges with the legislation with us being able to regulate junket operators.”
Its reports detailed the regulator was unable to determine the ultimate source of the gambled funds or able to verify where winnings were distributed after settlement with the junket operator.
AUSTRAC also noted state-based gaming regulations were limited in being able to mitigate money-laundering risks through junkets, and casinos relied on the Department of Immigration and Border Protection for due diligence checks.
A Slot route operator is a company that owns and operates slot machines in several locations. By providing this service, many small businesses are able to provide slot machines that they could not otherwise afford to operate.
As operators have grown, they have been able to offer linked machines to provide larger jackpots and affinity cards to reward frequent players.
Operators are generally licensed in the same manner as a casino. In Nevada, they are licensed and regulated by the Nevada Gaming Commission.
Casino Operator Meaning
Slot route operators[edit]
- E.T.T. Inc. - Terrible Herbst
- Golden Route Operations - Golden Entertainment
