AA leading industry body in the US, the American Gaming Association (AGA) has released new advice aimed at helping its members to tackle the threat of money laundering.
The advice is contained in a report entitled Best Practices for Anti-Money Laundering Compliance, which lays out the commitments that the US industry have made to upholding compliance. It also provides useful guidance for casinos and other gambling industry operators. And it includes rules on protecting the US banking system being from money laundering.
The updated Best Practices guide features a commitment to promoting a culture of compliance. It also emphasises the vital importance of firms in the industry fully engaging with authorities and regulators.
It also provides analysis and advice aimed at newer forms of gambling. This includes guidance for the sports betting sector, and mobile gaming.
The AGA used a number of sources to produce the guidance. These include the National Money Laundering Risk Assessment produced by the US Treasury Department. It also draws on new compliance rules set out by the Office of Foreign Assets Control. It includes a beefed-up risk assessment section and other changes, which the AGA hope will help boost the industry’s compliance.
The gaming industry in the US was the first in the US to lay out rules to tackle money laundering. That was back in 2014. But according to the AGA CEO, Bill Miller, they want to stay at the forefront of the fight against crime:
“As one of the most highly regulated industries in the United States, it is imperative we take every possible step to discourage illicit behaviour and safeguard the integrity of the casino industry. Through our ongoing partnership with FinCEN, the Treasury Department, and law enforcement, our industry continues to be a leader in compliance.”