HomePublicationsNewsletter ArchiveNewslettersVolume 20Issue 33AGA Releases Best Practices Guide for AML Compliance

On Thursday, December 4, 2014, the American Gaming Association (“AGA”) announced the release of a comprehensive set of Anti-Money Laundering (“AML”) Best Practices to guide the efforts of casinos to better protect the industry from money laundering and other forms of illicit finance.

To view the AGA’s Best Practices for Anti-Money Laundering Compliance, please click here.

“Today marks a milestone for the gaming industry, which has come together to develop the first-of-its-kind, forward-looking set of Best Practices that reflect our industry’s commitment to a strong culture of compliance,” said Geoff Freeman, president and chief executive officer of the AGA. “We look forward to further bolstering our partnership with FinCEN to prevent money laundering and protect the integrity of the U.S. financial system.”

To remain compliant with the federal Bank Secrecy Act (“BSA”) and associated AML regulations, casino companies have developed risk-based programs that discourage illicit financial behavior thus helping to safeguard the integrity of the casino industry.

The Best Practices guide illustrates the AGA’s continued commitment to a strong culture of compliance. It includes a wide range of procedures and “red flags” specifically tailored to the casino industry with the aim of preventing, detecting and reporting of illicit financial activity.

 

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