NSW to establish new independent casino regulator
Kevin Anderson, minister for hospitality and racing, has announced that the government of New South Wales will create the NSW Independent Casino Commission (NICC).
Australia.- The New South Wales Government continues to work on reforms following the state’s inquiry into Crown Resorts. It’s now announced the creation of a new independent casino regulator, the NSW Independent Casino Commission (NICC).
Kevin Anderson, minister for hospitality and racing, revealed that the government will introduce a suite of new measures intended to deliver on the 19 recommendations of the Bergin Inquiry. He said the NSW Independent Casino Commission (NICC) will have enhanced and wide-ranging compliance and enforcement powers.
Anderson said the new regulator will be led by a dedicated chief commissioner, who will be supported by up to four additional commissioners, including at least one with specialist anti-money laundering expertise.
The NSW Government will also introduce a series of regulatory measures which directly address recommendations of the Bergin Inquiry, including:
- A ban on casinos dealing with junket operators;
- An independent monitor and auditor for every casino licence holder appointed by the NICC;
- A requirement for casino licence holders to submit suspicious activity reports to both AUSTRAC and the NICC;
- Strict new requirements for casino operators to monitor patron accounts for criminal activity and perform due diligence on customers, including identifying the source of player funds before they can gamble.
Anderson added: “These reforms will ensure the people of NSW have confidence that casino operations are free from criminal influence. We are rebuilding the regulatory framework for casinos in NSW from the ground up with stringent new controls to prevent money laundering and other criminal activity.”
See also: New South Wales revises two key gambling regulations
NSW raises the Point of Consumption Tax payable by betting operators
As previously reported by Focus Gaming News, the government has announced an increase in the Point of Consumption Tax (POCT) for operators New South Wales. The tax will increase from 10 per cent to 15 per cent.
The POCT applies where the bet is placed, not at the location of the operator accepting the bet. This means that all those operating in NSW are required to pay the tax, regardless of where the operator is licenced.
The increase was announced as part of the 2022-23 NSW Budget and will take effect from July 1. The reform is expected to boost revenue by AU$740m (US$515.6m) over the next four years.
