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US – AGA releases Best Practices for Anti-Money Laundering (AML) Compliance

By - 9 December 2019

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

In 2014, gaming became the first industry to collectively establish a comprehensive set of best practices for AML compliance. 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 FinCEN’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.

“As one of the most highly regulated industries in the United States, it is imperative we take every possible step to discourage illicit behavior 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.”

Additional updates to the Best Practices include a continued commitment to a strong culture of compliance and the importance of industry engagement with government and law enforcement. The deepened analysis updates recommendations regarding new and emerging forms of gaming, including the expanding US sports betting market and interactive (mobile) gaming.

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