AGA releases updated AML compliance guide for US casinos

The American Gaming Association (AGA) has released the third edition of its Best Practices for Anti-Money Laundering Compliance guide for the gaming industry in the United States. The document, last updated in 2019 before the COVID pandemic, was reviewed to reflect changing US laws, global and financial factors.

The guide was reviewed by compliance experts in the industry and is meant to set the standard for anti money laundering (AML) leadership for gaming operators, especially casinos, in the industry.

Key focus areas for the update include expansion of current compliance obligations for gaming operators, additional red flag indicators, updated definitions and so on.

Major changes in the industry – such as Congress approving the new Bank Secrecy Act through the Anti-Money Laundering Act of 2020, FinCEN granting the gaming industry federal exceptive relief for certain types of ID verification, and the recently approved jurisdictions for the use of cryptocurrency and digital payments – necessitated the update of the guide. This way, gaming operators can know and follow the best path to compliance.

Alex Costello, the AGA’s VP of Government Relations, said on the release of the updated guide: “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.”

The AGA continues to act as a watchdog for the US gaming industry. It recently created a new arm called the Anti-Human Trafficking Task Force that focuses on the prevention of people-smuggling within the gaming industry.