AGA updated AML Best Practices

The association has updated its anti-money laundering Best Practices and reinforced industry commitment to AML compliance.

US.- The American Gaming Association (AGA) released on Tuesday the updated Best Practices for Anti-Money Laundering (AML) Compliance. The document reflects the industry’s leading commitment to compliance and guide casinos’ efforts to protect the U.S. financial system from money laundering and other forms of illicit finance.

The Best Practices and AGA’s Bank Secrecy Act compliance efforts have been commended by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Based on the latter’s guidance and enforcement action takeaways, the Treasury Department’s National Money Laundering Risk Assessment, and the Office of Foreign Assets Control’s updated compliance guidelines, the updated Best Practices contain a more robust risk assessment section, as well as enhanced Know Your Customer/Customer Due Diligence measures.

Moreover, AGA said that the Best Practices also include a continued commitment to a strong culture of compliance and the importance of industry engagement with government and law enforcement.

The Best Practices update features a deepened analysis and updated recommendations regarding new and emerging forms of gaming, including the expanding U.S. sports betting market and interactive (mobile) gaming.

“As one of the most highly regulated industries in the United States, it is imperative we take every possible step to discourage illicit behaviour and safeguard the integrity of the casino industry,” said Bill Miller, president and CEO of the American Gaming Association. “Through our ongoing partnership with FinCEN, the Treasury Department, and law enforcement, our industry continues to be a leader in compliance.”