AGA updates guidance to spearhead anti-money laundering efforts

The American Gaming Association has rolled-out an updated resource regarding anti-money laundering best practices to maintain a leading position in combative efforts.

With a slew of additional states legalising online sports betting and igaming, as well as almost a dozen gaming jurisdictions approving the use of digital payments and forms of cryptocurrency, the AGA has published the third edition of its Best Practices for Anti-Money Laundering Compliance.

The updated document, what is said to have been reviewed and revised by the country’s top compliance professionals, intends to build on the industry’s AML leadership and reflect new laws, technologies and indicators of criminal activity.

“As the methods and sophistication of financial crimes evolve, the gaming industry continues to spearhead efforts to combat money laundering,” said Alex Costello, AGA’s vice president of government relations. 

“An invaluable resource for our industry, this guide demonstrates gaming’s commitment to protect the US financial system from money laundering and other forms of illicit finance.”

To address an array of changes encountered during recent years, best practices provide updated guidance, expanded red flag indicators, current compliance obligations, revised definitions and other essential information for gaming companies to maintain their strong AML regimes.

These are designed to reflect the continuing efforts of AGA member casino operators to mitigate the risks of potential money laundering and illegal activity connected with their businesses.

“Casinos should evaluate their AML/BSA compliance risks and mitigation strategies on a routine basis to ensure they account for new risks and emerging patterns of illegal activity,” the document noted. 

“When dealing with businesses as complex as modern casinos, and with judgments as subjective as those required by the BSA, no compliance effort can be perfect or immune from retrospective re-evaluation. 

“Though perfection cannot be expected of a process that involves so many variables and periodic shifts in financial practices and regulations, effective AML/BSA compliance programs should ensure that the gaming industry continues to effectively combat money laundering or illicit financing threats.”