The American Gaming Association (AGA) has issued a new guideline aimed at safeguarding casinos from partaking in money laundering in their facilities. The new guidelines require casinos to adhere to the following:
To file Currency Transaction Report (CTR) if the casino generates more than $1 million in annual gross gaming revenue for all transactions exceeding $10,000.
Must file Suspicious Activity Reports if a customer is suspected of trying to evade the Bank Secrecy Act. For example, a player trying to break the transactions into smaller amounts to avoid filling CTR.
In 2014, the American gaming industry set an example with the best practices in fighting money laundering, and now the new guidelines will help to fight the illegal exchange of money.
Updated Defenses
According to AGA, the new guidelines originate from the Anti-Money Laundering (AML), which are in line with the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The new guidelines are stricter at assessing and knowing customers’ integrity.
Cashless Casinos
Reports from casino.org indicate that while in Las Vegas, AGA president Bill Miller said that it was the right time for the gaming industry to use technology and reduce cash reliance.
“Every one of you comes here somehow. If you took Uber, it was digital. You stayed in a hotel; you put down a card. You went to a restaurant last night or bought something at any one of the stores that we have; it was a digital transaction. Our customers are used to this. They will demand it of us”.
The assumption is that cashless gaming will improve players’ gaming experience and also the ability of the casino to track money laundering activities.
