AGA releases updated anti-money laundering guide

The update accounts for recent legislative changes.
The update accounts for recent legislative changes.

The American Gaming Association has published its Best Practices for Anti-Money Laundering Compliance 2022 guide.

US.- The American Gaming Association (AGA) has updated its anti-money laundering guidelines with the third edition of its Best Practices for Anti-Money Laundering (AML) Compliance resource. According to AGA, the updated document, reviewed and revised by top compliance professionals, builds on “the gaming industry’s AML leadership and reflects new laws, technologies and indicators of criminal activity.”

The last update was in 2019 when key focus areas included customer due diligence (CDD) and know your customer (KYC) processes. Since then 16 states have legalised sports betting and igaming. The new update adds new types of cyber crimes and fraudulent activity. It also deals with the new Bank Secrecy Act through the Anti-Money Laundering Act of 2020 and the use of cryptocurrency and digital payments.

The guide provides updated guidance, expanded red flag indicators, revised definitions and other essential information for gaming companies.

Alex Costello, vice president, Government Relations at AGA, said in the press release: “As the methods and sophistication of financial crimes evolve, the gaming industry continues to spearhead efforts to combat money laundering.

“An invaluable resource for our industry, this guide demonstrates gaming’s commitment to protect the US financial system from money laundering and other forms of illicit finance.”

See also: AGA applauds congressional letter calling for action on illegal sportsbook activity

In 2014, the gaming sector became the first industry to collectively establish a comprehensive set of best practices for AML compliance. In 2021, the industry filed nearly 55,000 suspicious activity reports to aid law enforcement in fighting money laundering activity. The AGA represents gaming on the Bank Secrecy Act Advisory Group (BSAAG), which is organised by FinCEN.

See also: US casinos break May revenue records

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