If compliance operations often feel like a global game of whack-a-mole, here is another example to fuel that suspicion.
A primary challenge in implementing effective compliance programs, as Asia has been attempting across its casino industry, is keeping customers who prize anonymity. Asia's casino executives can respond to this revenue outflow towards Australia in a number of ways including offering unique customer service experiences, as well as encouraging their Pacific neighbors to implement effective compliance controls to level the playing field.
The obvious next target for AML, CFT, and compliance professionals will be maintaining a keen eye on Australia and the potential for increased geographic risk associated with less strict regulations.
The prize for Australia’s leading casino operators is clear: record flows of Chinese tourists and a local population that loses more money gambling per head than any country in the world. The risks are equally apparent, as Crown’s new site potentially draws customers from its Melbourne base, and Star faces competition for the first time in Sydney.