Casino industry AML efforts praised by FATF

The Financial Action Task Force has lauded the casino industry for its efforts in preventing and battling money laundering, media reports.

According to a report from the inter-governmental body, the casino industry “has a good understanding of risks and obligations,” and exceeded the requirements of the Bank Secrecy Act as well as shown an increased focus on raising awareness and improving compliance.

The report, released every ten years, grades countries’ efforts to prevent money laundering. In 2006, the report was critical of casinos.

“It’s no accident that FATF’s evaluation of the casino gaming industry greatly improved from 2006 to 2016,” said Geoff Freeman, AGA president and CEO. “We’re proud of the incredible strides the industry has made not only since FATF’s report of the gaming industry 10 years ago, but in the last three years as we’ve built a partnership with the federal government that serves as a model for other industries.”

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