AGA updates its Anti-Money Laundering guide for 2022

The American Gaming Association (AGA) has unveiled the third edition of its Best Practices for Anti-Money Laundering Compliance guide.

american gaming association updated anti money laundering gambling insider web image

The American Gaming Association (AGA) has unveiled the third edition of its Best Practices for Anti-Money Laundering Compliance guide.

The manual, reviewed by the United States’ industry and compliance professionals, sets out the standards for the gambling industry’s Anti-Money Laundering (AML) leadership – while reflecting recent technology, law changes and patterns of criminal activity within the field.

Alex Costello, AGA’s VP, Government Relations, stated upon the release of the updated guide: “As the methods and sophistication of financial crimes evolve, the gaming industry continues to spearhead efforts to combat money laundering.

"An invaluable resource for our industry, this guide demonstrates gaming’s commitment to protect the US financial system from money laundering and other forms of illicit finance.”

The US gambling landscape has seen some significant changes since the prior 2019 edition, including the 16 newest states to legalise sports betting and iGaming, new types of cyber crimes and fraudulent activity.

The updates include Congress passing the new Bank Secrecy Act through the Anti-Money Laundering Act of 2020, FinCen granting federal exceptive relief for some types of ID verification, and the recently approved jurisdictions for the use of cryptocurrency and digital payments, among others.

Casino gaming is considered to be a leader in AML compliance, becoming the first industry to assemble a set of best practices for AML compliance in 2014.

In recent months, the AGA announced that March, April and May 2022 have been the best three gaming months in industry history, with each surpassing gaming revenue of $5bn.

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
 
Premium
 
Premium Connections
The Global Gaming Awards are the most trusted and prestigious Awards in the gaming industry, recognising and rewarding the strongest performers across the previous 12 months.
25 Sep 2022

Global Gaming Awards Las Vegas 2022: Full Shortlist revealed

Gambling Insider and Gaming America are delighted to share the Shortlist for the 2022 Global Gaming Awards Las Vegas.

Life after M&A

Pariplay CCO Enrico Bradamante speaks to the GI Huddle about...

Global Gaming Awards Asia 2022: Winners revealed

The winners of the inaugural Global Gaming Awards Asia have...

Coming to America

Interblock Global CEO John Connelly speaks to Gambling Insid...

The supplier story so far

Gambling Insider speaks with leading executives from Relax G...

Read Magazine