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Julie Moraine November 8, 2020 3 min read
Nevada Should Push with Cashless Regulations, AML and KYC
The status of Nevada as the US gambling “Mecca” is under threat and this time it is not the coronavirus only, as residents is 6 other states approved various forms of gambling expansion along with the presidential elections on November 3.
Members of the Nevada General Assembly hopefully kept an eye on the recent developments, as competition among states is further increasing. Maryland, Louisiana and South Dakota approved various forms of sports betting, while Virginia and Nebraska allowed casinos and Colorado raised state betting limits, all putting pressure on Nevada legislators to make industry improvements and maintain the state’s gold standard of the gaming industry.
Nevada lawmakers should pay close attention to the industry developments, work in close cooperation with regulators and constituents and develop new pathways to make gaming in the state even better than before to maintain its allure for gamblers.
Eliminating some of the fears related to coronavirus which keep casino patrons away may be a good start, and while touch areas are now subjected to enhanced cleaning protocols, passing of cash from one patron to another is a traditional casino setting still present in the state.
AML and KYC
Brendan Bussman, director of government affairs at Global Market Advisors, argues that Nevada has a good framework in place to utilize cashless options, but lacks understanding in the industry and is already falling behind Pennsylvania.
Bussman, who has been doing an extensive research on the subject of cashless payments noted, that the passing of additional regulations on cashless in Nevada and the Keystone State in June showed Nevada “must up its game”, focusing its efforts on responsible gaming. Solid foundations for cashless payments require functional anti money laundering (AML) and robust Know Your Customer (KYC) processes, besides responsible gaming, Brendan Bussman further outlined.
“Patrons that use cashless must always feel their funds are safe. By focusing on these two portions, it provides great benefits to patrons, operators and regulators that will keep Nevada as a leader to follow.”Brendan Bussman, Director, Government Affairs, Global Market Advisors
State regulators have been supportive of the idea for the implementation of newly developed cashless regulations, but state legislature does not convene until February. Yet, it is not early for Nevada lawmakers to start considering some of the most critical issue for the state which is highly dependent on the gambling industry.
To keep Nevada as the gaming capital of the world, legislators should look to modernize gaming in several areas, including cashless, Bussman continued, pointing out that the state can no longer assume it has the best industry position while other states keep improving.