PRACTICAL SOLUTIONS
Casinos should
bet big on enhanced
AML surveillance
A
nti-money laundering (AML) and financial crime as a whole, has
been a growing concern within the gaming industry as casinos
continue to navigate how best to control the flow of illicit funds
through their gaming operations. Casinos are facing greater regulatory
pressure to prevent money laundering and increasingly have been spend-
ing time and resources on enhancing their AML compliance programs in
order to align with this heightened regulatory scrutiny.
Regulatory regimes around the world have been focusing more and more on casinos’
obligations to develop effective systems for preventing and detecting money launder-
ing. Many countries and jurisdictions have seemingly ever-expanding laws in place
requiring financial institutions and casinos to assist in the fight against money launder-
ing and other financial crimes. Macau recently updated its AML laws to impose regula-
tions for junket operators and included more comprehensive internal control
requirements for both casinos and junket operators. These enhanced requirements for
casinos include identifying “bad actors” and potentially suspicious transactions and
reporting these to the proper authorities. Sim