HomePublicationsNewsletter ArchiveNewslettersVolume 21Issue 39American Gaming Association Releases Updated AML Guide

On Wednesday, December 9, 2015, the American Gaming Association (“AGA”) announced updates to its “Best Practices for Anti-Money Laundering Compliance,” a guide for Bank Secrecy Act and financial compliance for the gaming industry. The guide was originally published in December of 2014.

AGA President and CEO, Geoff Freeman, stated that “[o]ur industry’s commitment to a culture of compliance is stronger than ever, and our updated Best Practices ensure that casinos of all sizes are protecting themselves and America’s national security. We will continue to bolster these Best Practices, adapt to evolving threats and incorporate guidance from FinCEN and other regulators who share our goal of preventing illicit activity from occurring at gaming properties.”

As noted in Volume 21, Issue 38 of The Michigan Gaming Newsletter (available here), FinCEN has reported a significant increase in casino filings between March 1, 2012 and December 31, 2014. There have also been enforcement actions taken against gaming operators over the past two years, including imposing remedial compliance framework and audits, civil monetary penalties, and individual employee penalties. The AGA has worked to make anti-money laundering, bank secrecy act, and other financial regulatory compliance a key part of the industry’s efforts to remain at the forefront of compliant business practices.

The Best Practices guide contains information on risk assessment, employee training, proper filing procedures, audit requirements, and other considerations necessary for gaming operators to remain in compliance with various financial laws and regulations. It incorporates recent guidance and suggestions from the US Treasury Department and FinCEN tailored to the unique issues faced by the gaming industry, such as how to balance patron privacy concerns with financial disclosure and filing requirements.  

For more information on the guide, please visit the American Gaming Association’s website at: https://www.americangaming.org/

 

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