AGA Points to Casinos as a ‘Bright Spot’ in Important New Report

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The American Gaming Association has issued a statement to media in response to the promising casino-related news emerging from an important new report.

The influential international body that grades countries’ efforts to prevent money laundering has recognized casino gaming companies’ significant investment in anti-money laundering (AML) efforts, reporting that the industry “has a good understanding of risks and obligations,” puts in place “mitigating measures above the requirements” of the Bank Secrecy Act (BSA) and has shown “an increased focus on raising awareness and improving compliance.”

The Financial Action Task Force (FATF) released its mutual evaluation report for the United States today. FATF releases such reports once every ten years, and its 2016 report found, “the gaming industry has taken significant steps to comply with AML/CFT [combatting the financing of terrorism] requirements…casinos have not only increased their compliance spending but have also put in place mitigating measures above the requirements of the BSA based on their risk.”

According to the AGA’s statement, ten years prior, FATF was critical of casino gaming. For example, it said, “Regulators and casinos should work to further harmonize the Nevada Gaming Commission’s (NGC) regulatory requirements with the Bank Secrecy Act (BSA) and that this should occur as rapidly as possible.”

“It’s no accident that FATF’s evaluation of the casino gaming industry greatly improved from 2006 to 2016,” said Geoff Freeman, AGA president and CEO. “We’re proud of the incredible strides the industry has made not only since FATF’s report of the gaming industry ten years ago, but in the last three years as we’ve built a partnership with the federal government that serves as a model for other industries.”

To read the full statement from the AGA, click here.

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