Australian clubs are facing increased scrutiny over potential money laundering, with authorities alleging some are failing to adequately manage risks associated with gaming machines.The Australian Transaction Reports and Analysis Center (AUSTRAC) has raised concerns about a lack of oversight, particularly regarding large cash deposits into poker machines.
AUSTRAC chief executive Brendan Thomas has alleged that Mounties failed to manage the risk of money laundering through its pokies.Credit: Dominic Lorrimer
AUSTRAC alleges that Mounties, a large club group, failed to adequately monitor its gaming machines for suspicious activity, specifically a practice known as “wash pattern”.
What constitutes a “wash pattern”? It involves depositing large amounts of cash,making minimal bets,and then cashing out,effectively disguising the source
