American Gaming Association updates AML Best Practices Guide
Changes include expanded sections on online activity and a new risk assessment section.
Key Points
- The AGA has not updated this document since 2022
- Since then, several states have embraced legal sports betting, while the online gaming market continues to grow
The American Gaming Association (AGA) has published some updates to its Best Practices for Anti-Money Laundering (AML) Compliance Guide. This document serves as an industry guide, created to “strengthen compliance programs amid evolving laws, technologies, and emerging criminal activity.”
The amended information includes a new risk assessment section, added guidance for know your customer (KYC) protocols and an expanded focus on digital wallets, cryptocurrency and online activity.
Prior to these changes, the AGA last updated the guide in 2022. Ten states have legalized sports betting since the previous AGA updates, and the iGaming market has expanded as well.
AGA VP President of Government Relations Alex Costello explained the association’s motivation behind the recent updates.
He commented, “Maintaining up-to-date AML policies is essential to safeguarding the gaming industry’s operations, employees, and customers – and to protecting the integrity of the U.S. financial system.
“We encourage all casino operators and suppliers to use this resource to continually refine their practices as both the industry and threat environment change.”
To date, online gaming is legal in some form in seven US states, although some of those have limited access, such as online poker only.
States with legal iGaming access include Pennsylvania, Delaware, Michigan, New Jersey, Rhode Island, West Virginia and Connecticut.
Since the Supreme Court overturned PASPA nearly seven years ago, legal sports betting has rapidly spread throughout the country.
Along with the District of Columbia, sports wagering is legal in 39 states. However, the legal online gaming market has not experienced the same explosive expansion as sports betting.
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