What is AUSTRAC?
AUSTRAC (Australian Transaction Reports and Analysis Centre) is Australia's financial intelligence agency and regulator, primarily tasked with monitoring and enforcing compliance with laws aimed at preventing money laundering, terrorism financing, and other financial crimes.
Requirements
Entities that fall under AUSTRAC's jurisdiction must report suspicious transactions, large cash transactions (above a set threshold), and international funds transfers. They also have to verify the identity of their customers and maintain records of their transactions.
How Cashup Assists
Cashup will check Gaming Turnover and Clearance data entered and support managers to identify any potential irregularities.
Example of suspicious activity: Inserting large amounts of cash or credits into gaming machines and engaging in minimal or no game play, before cashing out.
Gaming
- Gaming Figures - Enter all gaming figures, and Cashup will automatically compute the AUSTRAC compliance score.
- AUSTRAC Compliance - Cashup will flag in red if the percentage drops below 2% and a checklist is initiated. If the percentage is above 2% no further action is required.
Review Tab
If the percentage drops below 2%, Cashup will prompt to complete an optional AUSTRAC Checklist. This checklist can be exported in both PDF and CSV formats.
- Use the checkboxes to answer the questions in the questionnaire.
- When necessary, provide additional details in the comment boxes.
Reporting
After completing the checklist, the report can be downloaded in either PDF or CSV format.
- Navigate to Reports
- Select New (Beta)
- Venue - select the required venue
- Area - Select Admin
- Report - AUSTRAC Compliance
- Date - Select date range