Casino anti-money-laundering risks and reforms under spotlight in gambling hubs worldwide

Casino anti-money-laundering risks and reforms under spotlight in gambling hubs worldwide

Article brief provided by Thomson Reuters
  • Helen Chan, Thomson Reuters
July 13, 2022 7:00 PM
  • Helen Chan, Thomson Reuters

Money laundering and misconduct at casinos has renewed the global scrutiny of anti-money laundering and counter-terrorism financing (AML/CTF) compliance in the gaming industry. Recent regulatory reforms are targeting conduct and compliance culture at government agencies and the private sector alike.

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Meanwhile, enforcement activities are also taking a more aggressive turn, with regulators in one jurisdiction going so far as to classify casino money-laundering misconduct as a threat to financial stability and security.

Findings from a regulatory inquiry into money laundering in the Canadian province of British Columbia (BC) are increasing scrutiny on the gaming industry across that country and beyond.