The American Gaming Association has said that US casino companies have “significantly” boosted their investment and vigilance to comply with the Bank Secrecy Act and anti-money laundering regulations.
Accounting and consulting firm Ernst and Young looked at the gaming industry’s practices and found that casino operators have implemented “a sweeping series” of customer due diligence procedures that monitor illicit behaviour and increased the number of Currency Transaction Reports and Suspicious Activity Reports filed with the Treasury Department.
The AGA, which drafted a white paper in December 2014 to help the casino industry institute “best practices” for anti-money laundering compliance, commissioned the study.
“The casino industry has had some successes in the past several years,” said AGA CEO Geoff Freeman. He said casino companies have made “unprecedented” investment in their anti-money laundering programmes.
