A.G.A or the American Gaming Association was motivated by a challenge from the US Treasury Department’s Financial Crimes Enforcement Network last year, to improve its anti-money laundering capability, thus creating specific guidelines for land operators.
AGA closely collaborated with more than 20 compliance experts in a project dubbed the Bank Secrecy Act Working Group. The objective was to meet goals dealing with reportage on large cash transactions and any suspicious activity by players. The guidelines include specifically tailored practices for detecting players who pose greater risks of unlawful activity and puts an emphasis on anti-money laundering education and training for land casino employees and managers at all levels. An example of a red flag gambler is someone who doesn't gamble much despite big spending, doesn't willingly offer personal information when asked, or make bets that cancel each other out such as betting on both red and black at the same time in roulette.
In a letter to AGA members, the Association's CEO Geoff Freeman notes:
“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.”
jade
9 years ago
Suspicious activity by players.......... The US Treasury Department said improve anti-money laundering practices. I didn't read where it singled out players. What about employees at all levels that work at the casinos. Players are just one area.
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