Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Podcast: Casinos Double Down on Anti-Money Laundering Compliance

Joe Mont | January 12, 2015

Casinos have traditionally had a less-than-stellar track record when it comes to their anti-money laundering efforts. But now, amid increased scrutiny from regulators, the American Gaming Association has released its first-ever AML best practices guidebook, described as a “a milestone for the gaming industry" and a "forward-looking set of best practices that reflect our industry’s commitment to a strong culture of compliance.”  

Fred Curry, a principal in Deloitte’s anti-money laundering consulting practice says that while banks have leading-edge AML programs, casinos don’t consider themselves to be banks, despite the fact that they have teller windows, transfer huge amounts of money, make loans, and exchange currencies. As a result, they don’t have anywhere near the AML muscle that banks have. As the Treasury Department’s Financial Crimes Enforcement Network pressures casinos to up their game, many are scrambling to play catch-up.

...

Buy this article for $49, or subscribe to Compliance Week for a month at $149 and get unlimited article access for 30 days.