US Casino companies comply with anti-money laundering legislation

Casinos in the US adopted a series of measures for a more effective compliance of the Bank Secrecy Act and other anti-money laundering regulations.

US.- According to the American Gaming Association (AGA,) casinos have increased their investments in the implementation of tools and practices to comply with the Bank Secrecy Act and anti-money laundering laws in general.

AGA drafted a white paper in December 2014, stating guidelines to help the gambling sector implementing best practices for anti-money laundering compliance. Geoff Freeman, AGA’s CEO, believes the industry has made an “unprecedented” investment in anti-money laundering programmes. “The casino industry has had some successes in the past several years,” Freeman affirms.

The measures include customer due diligence procedures, which monitor illicit behaviour or an increase in the number of Currency Transaction Reports and Suspicious Activity Reports filed with the Treasury Department.