Australian casinos will ban cash: reason unveiled

Both casinos will also stop paid-for-trips seeing that it’s a major source of illegal activities

Australian casinos

Australian casinos will ban cash: reason unveiled. Source: pexels.com

According to BBC, Sydney-based The Star and Crown Sydney have announced the cash ban. This comes after subsequent events of money laundering cases. Although pending operations, Crown Sydney and The Star have agreed to the move by the regulators.

At the beginning of the year, criminal activities were reported in Crown Resorts’ casinos in Australian cities. Following the inquiry, Crown Casinos has been pressured to reform the gambling operation.

The inquiry reported that the casino facilitated money laundering. This is an activity that could see staff detained in foreign jurisdictions for forming relationships with persons who have connections to criminal gangs.

The inquiry has also led to the lack of a license to operate the company’s newly opened casino in Sydney. The company, mainly owned by James Packer, should pay $2.2bn for the license.

To speed up the process of securing the operating license, Crown has banned the use of cash in the establishment.

However, the Independent Gaming and Liquor Authority (ILGA) notes that the company has not issued a specific timeline towards the cash ban. The ban will also apply to Crown casinos in Perth and Melbourne.

The Star is also working on a cashless strategy and will be implemented in consideration of customers. However, the company did not give a timeline for the implementation.

If successfully implemented, gamblers visiting the two casinos will use cards linked to their banks, identity, or other financial institutions.

While Crown has faced money-laundering accusations in the past, the company is making moves to rectify that.

We’ve reported that Americans are the most optimistic about their finances.

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