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American Gaming Association Updates Best Practices for AML

The American Gaming Association (AGA) has released updated “Best Practices for Anti-Money Laundering (AML) compliance for the year 2019-2020”. The update reflects on the industry’s continuing commitment to AML compliance and guides casinos’ efforts to protect the US financial system from money laundering and other related financial crimes. 

The gaming industry became the first industry to collectively establish a complete set of best practices for AML compliance in 2014. The Best Practices along with the AGA’s Bank Secrecy Act (BSA) compliance efforts have been lauded by the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). 

The updated Best Practices contain a more comprehensive risk assessment section as well as enhanced Know Your Customer (KYC) and Customer Due Diligence (CDD) measures. The update is 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 president and CEO of AGA, Bill Miller, said, 

“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. Through our ongoing partnership with FinCEN, the Treasury Department, and law enforcement, our industry continues to be a leader in compliance.”