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AGA Releases Guidelines to Avoid Money Laundering

The American Gaming Association has published guidelines to help industry casinos fight money laundering, using the input from 20 experts to help fight the issue.

The project has been named the Bank Secrecy Act Working Group, and would urge casinos to report money laundering and suspicious activity by reporting large cash transactions on casino properties. Guidelines suggested by the AGA include identifying casino customers who may pose a risk of committing illegal activity, as well as training staff to understand money laundering.

Commenting on the matter AGA CEO Geoff Freeman said, “There is not a one-size-fits-all approach to AML compliance – a casino may have good reasons for departing from or modifying a procedure in the Best Practices, or for developing supplemental or alternative procedures."

“As the first line of defense on these issues, our casinos are in the best position to understand their particular risks, customers and to identify suspicious activity. Casinos have and will continue to tailor programs to best protect our industry and the U.S. financial system.”

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