| | |  | Last Updated: Tuesday, June 19, 2007 |  | | | Australian Gambling Fans Urge Casino Exemption
- Friday, 26 May 2006
Gambling fans making use of Australia’s land-based casinos are currently lobbying the federal government for an exemption from the "know your customer" rule. Authorities are considering implementing the new rule under proposed anti-money-laundering and counter-terrorism laws. Drafts of these laws have so far suggested that Australian financial institutions as well as gambling establishments should be under obligation to conduct background checks on all customers. This could potentially mean a great deal of work for gambling establishments, which host thousands of new gamblers each year.
According to Chris Downey, executive director of the Australian Casinos Association, a different approach toward gambling establishments must be found. Casinos must be regarded separately from banks and other financial service institutions. Downy believes that it is impractical to require that gambling establishments monitor each visitor who places a bet because most gamblers are private individuals. They engage in gambling activities for entertainment and recreational purposes, rather for any ulterior motives.
Chris Ellison, the government’s Minister for Justice and Customs, has since reportedly said that the government has taken into consideration the financial service industry's concerns regarding the cost of compliance to the new rule. He says the government will instead recommend a more "risk-based" approach. Downey has applauded the decision, stating that the chances of gambling fans being involved in financing terrorist activity are very slim. He has also urged the government to ensure that gambling establishments are classified under the new laws as low-risk organizations. | |
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