American Gaming Association unveils third edition of best anti-money laundering practices
The updated resource highlights the latest laws and how to indicate criminal activity.
The American Gaming Association (AGA) released its third edition of Best Practices for Anti-Money Laundering (AML) Compliance, highlighting new laws, technologies and indicators of criminal activity.
The document was reviewed and revised by the country’s top compliance professionals and builds on the gaming industry’s AML leadership.
AGA Vice President of Government Relations Alex Costello said: “As the methods and sophistication of financial crimes evolve, the gaming industry continues to spearhead efforts to combat money laundering.
“An invaluable resource for our industry, this guide demonstrates gaming’s commitment to protect[ing] the US financial system from money laundering and other forms of illicit finance.”
A few updates since the 2019 edition of the resource include changes to the Bank Secrecy Act through the Anti-Money Laundering Act of 2020.
Other changes, such as 16 additional states being granted sports betting and iGaming licenses, several jurisdictions approving the use of digital payments and forms of cryptocurrency, and new types of cybercrime, are included as well.
The Best Practices resource provides updated guidance while expanding red flag indicators, compliance obligations, revised definitions and essential information for gaming companies to maintain strong AML authority.
In 2014, the gaming industry became the first to collectively establish a comprehensive set of best practices for AML compliance.
The industry filed over 55,000 suspicious activity reports to aid law enforcement in fighting money laundering activity in 2021.
The AGA also represents the gaming industry on the Bank Secrecy Act Advisory Group (BSAAG) which was organized by FinCEN to collaborate with stakeholders in the financial sector.
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