The American Gaming Association on Monday released updates to its Best Practices for Anti-Money Laundering Compliance Guide, a blueprint for the gaming industry to strengthen compliance programs in the context of evolving laws, technologies, and emerging criminal activity.
“Maintaining up-to-date AML policies is essential to safeguarding the gaming industry’s operations, employees, and customers – and to protecting the integrity of the U.S. financial system,” AGA Vice President of Government Relations Alex Costello said in a statement. “We encourage all casino operators and suppliers to use this resource to continually refine their practices as both the industry and threat environment change.”
Key updates include:
- Enhanced guidance for know your customer (KYC) protocols and suspicious activity report (SAR) filings
- New risk assessment section aligned with regulatory expectations
- Expanded focus on online activity, digital wallets, and cryptocurrency
- Broader coverage of fraud risk
- New typologies and red flags to help staff identify and deter malicious activity
- Dedicated section addressing human trafficking risks linked to money laundering
Since the last update in 2022, the United States has more than 1,000 land-based casinos, 10 states have legalized sports betting, and one has legalized igaming. The expansion emphasizes the industry’s need and commitment for strong compliance.
The legal state-regulated U.S. gaming industry is recognized as a leader in AML compliance, working closely with regulators, law enforcement, and compliance experts to raise the bar as new technologies, regulations, and risks emerge.
