The American Gaming Affiliation (AGA) has launched the third version of its Finest Practices for Anti-Cash Laundering Compliance information for the gaming business in the USA. The doc, final up to date in 2019 earlier than the COVID pandemic, was reviewed to replicate altering US legal guidelines, international and monetary elements.
The information was reviewed by compliance specialists within the business and is supposed to set the usual for anti cash laundering (AML) management for gaming operators, particularly casinos, within the business.
Key focus areas for the replace embody growth of present compliance obligations for gaming operators, extra purple flag indicators, up to date definitions and so forth.
Main adjustments within the business – corresponding to Congress approving the brand new Financial institution Secrecy Act by means of the Anti-Cash Laundering Act of 2020, FinCEN granting the gaming business federal exceptive reduction for sure forms of ID verification, and the not too long ago accredited jurisdictions for using cryptocurrency and digital funds – necessitated the replace of the information. This manner, gaming operators can know and observe the most effective path to compliance.
Alex Costello, the AGA’s VP of Authorities Relations, stated on the discharge of the up to date information: “Because the strategies and class of monetary crimes evolve, the gaming business continues to spearhead efforts to fight cash laundering.
“A useful useful resource for our business, this information demonstrates gaming’s dedication to guard the US monetary system from cash laundering and different types of illicit finance.”
The AGA continues to behave as a watchdog for the US gaming business. It not too long ago created a brand new arm known as the Anti-Human Trafficking Process Drive that focuses on the prevention of people-smuggling throughout the gaming business.