The American Gaming Association (AGA) has released a new version of its Best Practices for Anti-Money Laundering (AML) Compliance Guide. This resource aims to help casinos and suppliers improve their programs as rules, technology, and criminal methods keep changing.
Gaming Group Toughens AML Rules with New Guidance on Risk and Reporting
The latest edition builds on the group’s long-term role in creating responsible industry standards. The AGA says that strong compliance practices do not just protect operators and their customers. They also guard the integrity of the US financial system. The AGA urged industry leaders to use the updated recommendations to make sure their safeguards stay current with today’s risks.
The update brings changes to several key areas. It gives clearer instructions on how to do Know Your Customer (KYC) checks and file Suspicious Activity Reports (SARs), helping operators better handle possible illegal activity. A new part on risk assessments makes industry practices match what regulators expect now. Another part covers digital wallets, online transactions, and cryptocurrency, showing how these technologies play a bigger role in gaming operations.
The guide now deals more with fraud and lists new “red flags” to help front-desk workers spot and act on suspicious behavior. Furthermore, for the first time, the guide has a section about the links between human trafficking and money laundering. This topic is getting more attention from regulators and law enforcement agencies.
AGA Encourages Gaming Companies to Outsmart Criminals as US Market Expands
Since 2022, the US gambling market has grown a lot. The country now has over 1,000 brick-and-mortar casinos, ten states allow sports betting, and one state lets people gamble online. This growth means more chances for financial crimes, so following the rules is even more important. Recent punishments and big fines for casino operators show what can happen if they do not follow the rules.
The AGA pointed out that many see the US gaming industry as a top performer in stopping money laundering. It often teams up with rule-makers and investigators to get better at this. By using the newest advice, the group wants to help the industry stay one step ahead of criminals who use new technology and platforms for their schemes.
For compliance officers, casino bosses, and service providers, the updated guide serves as a handy, ready-to-use tool. It aims to spotlight weak points, boost monitoring systems, and cut down on financial crime risks when regulators are taking a closer look.