The CEO of Australia’s anti-money laundering regulator (AUSTRAC), Brendan Thomas underlined that regulatory efforts around the gambling sector are set to be intensified with the body “not in the business of continuing to educate without action”.
Thomas was speaking at the Regulating the Game conference in Sydney this week, as he underpinned AUSTRAC’s strong approach to regulatory enforcement.
Amidst a sector that has become increasingly fuelled by technological advancements and digital frameworks, Thomas revealed that AUSTRAC is evolving in the way it approaches its regulatory strategy.
The AUSTRAC CEO revealed the shift moves the body from “pure compliance to a proper discussion about risk so that we can talk to you about what that risk actually is and then we can focus practically on what are the controls that are directly aimed at those risks rather than just ticking a bunch of compliance boxes”.
Thomas revealed that this is part of a wider strategy to eliminate the bureaucrac..