A.g.a. On Money Laundering

Best practice guidelines published for land operators

Although it has removed itself from the affairs of the online gambling sector, the land gambling trade body American Gaming Association remains active in keeping its members on the straight and narrow, this week publishing its first set of best practices in regard to the problem of money laundering.

Motivated by a challenge from the US Treasury Department's Financial Crimes Enforcement Network last year to improve its anti-money laundering capability, the AGA has designed the guidelines in collaboration with more than 20 compliance experts in a project dubbed the Bank Secrecy Act Working Group.

The objective was to meet goals dealing with reportage on large cash transactions and any suspicious activity by players.

The guidelines include using "tailored" practices to identify players who pose greater risks of unlawful activity, singling these out for closer scrutiny, and an emphasis on specific anti-money laundering education and training for land casino employees and managers at all levels.

In a letter to AGA members, the Association's CEO Geoff Freeman notes:

"There is not a one-size-fits-all approach to AML compliance – a casino may have good reasons for departing from or modifying a procedure in the Best Practices, or for developing supplemental or alternative procedures.

"As the first line of defense on these issues, our casinos are in the best position to understand their particular risks, customers and to identify suspicious activity. Casinos have and will continue to tailor programs to best protect our industry and the U.S. financial system."

Online Casino News Courtesy of Infopowa

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Casinomeister

The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophography.

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