In Queensland, new money laundering laws will restrict cash gambling at casinos

The move comes as Australia seeks to implement stricter AML laws nationwide

In an effort to prevent money laundering, Queensland implemented legislation that limits cash gambling at the state’s casinos. The new law also involves identity verification and a code of conduct at casinos. The legislation comes as Tranche 2 anti-money laundering (AML) reforms are likely to soon come into force in Australia.

Queensland attorney general Yvette D’Ath noted that casinos will be restricted to accepting a certain amount of cash from a person for gambling-related transactions in a 24-hour period. The cash limit will be set through regulation but is likely to be about $1,000.

Patrons will be required to swipe a card before they can gamble and they will need to verify their identity before being granted a card. Casino operators will be required to identify and exclude people who have been banned from interstate casinos. The hope is this will improve supervision of casino activities, promote safer gambling and inform AML strategies.

In addition to addressing money laundering, the law is also designed to protect problem gamblers and to close loopholes and enforce individual gambling bans. Significantly, the law allows the government to collect information about gamblers’ losses so it can identify gambling-related issues and potential money laundering activity.

Casinos face fines of tens of thousands of dollars for each breach. The legislation passed unanimously and will come into effect by the end of 2025.

Financial crime is estimated to cost Australia up to $60 billion a year and it is hoped that new legislation, including Tranche 2 anti-money laundering (AML) reforms will help fight this evolving threat.

Preparing for Tranche 2

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