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American Gaming Association Updates Anti-Money Laundering Best Practices, Reinforces Industry Commitment to AML Compliance

 

Updates Reflect Expansion of Legal Sports Betting, Mobile Gaming

Image: AGA Logo

WASHINGTON – The American Gaming Association (AGA) released updated Best Practices for Anti-Money Laundering (AML) Compliance today, which reflect the industry’s leading commitment to compliance and guide casinos’ efforts to protect the U.S. financial system from money laundering and other forms of illicit finance.

In 2014, gaming became the first industry to collectively establish a comprehensive set of best practices for AML compliance. The Best Practices and AGA’s Bank Secrecy Act compliance efforts have been commended by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

Based on FinCEN’s guidance and enforcement action takeaways, the Treasury Department’s National Money Laundering Risk Assessment, and the Office of Foreign Assets Control’s updated compliance guidelines, the updated Best Practices contain a more robust risk assessment section, as well as enhanced Know Your Customer/Customer Due Diligence measures.
 

“As one of the most highly regulated industries in the United States, it is imperative we take every possible step to discourage illicit behavior and safeguard the integrity of the casino industry,” said Bill Miller, president and CEO of the American Gaming Association. “Through our ongoing partnership with FinCEN, the Treasury Department, and law enforcement, our industry continues to be a leader in compliance.”   

 

Additional updates to the Best Practices include:

  • A continued commitment to a strong culture of compliance and the importance of industry engagement with government and law enforcement.
  • A deepened analysis and updated recommendations regarding new and emerging forms of gaming, including the expanding U.S. sports betting market and interactive (mobile) gaming.
     

About the AGA

The American Gaming Association (AGA) is the premier national trade group representing the $261 billion U.S. casino industry, which supports 1.8 million jobs nationwide. AGA members include commercial and tribal casino operators, gaming suppliers, and other entities affiliated with the gaming industry. It is the mission of the AGA to achieve sound policies and regulations consistent with casino gaming’s modern appeal and vast economic contributions.