HomePublicationsNewsletter ArchiveNewslettersVolume 23Issue 2AGA Reveals Updated Best Practices for AML Compliance

On January 11, 2017, the American Gaming Association (“AGA”) released an updated set of Best Practices for Anti Money Laundering (“AML”) Compliance.  The update includes aspects of new guidance released by the Financial Crimes Network (FinCEN) earlier this month, as well as an enhanced emphasis on implementing a strong culture of compliance and engagement with law enforcement.

“Our updated Best Practices ensure our industry’s commitment to a culture of compliance that prevents illicit activity,” said Geoff Freeman, president and CEO of the AGA. “The casino gaming industry is committed to working with FinCEN, the Treasury Department, law enforcement and other regulators to identify evolving threats and prevent any illegal activity from happening at gaming properties.”

Updates to the 2017 Best Practices include:

· Enhanced emphasis on the importance of instilling a strong culture of compliance, aligned with FinCEN’s guidance and as further illustrated in the gaming industry’s Culture of Compliance video;

· Incorporation of key components on new FinCEN guidance, including on cyber events and email compromise schemes; and

· Enhanced focus on the importance and value of industry engagement and partnership with government and law enforcement.

The AGA, in cooperation with FinCen and compliance representatives from various member companies, released its first set of Best Practices in 2014. The Best Practices Report aims to guide casinos in their effort of protecting the U.S. financial system and America’s national security from money laundering and other forms of illicit finance.


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