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Casinos Will Rely on Experience in Risk-Based AML Programs: FATF
printCasinos that implement risk-based anti-money laundering programs will rely heavily on the experience of their compliance officers, an intergovernmental watchdog said Tuesday. Both online and brick-and-mortar gambling operations should allocate resources to address their vulnerabilities to money laundering, the Paris-based Financial Action Task Force (FATF) said in guidance. This may mean more closely scrutinizing the finances of big gamblers and asking for customer identification when cashing in chips, the organization said. But in doing so, casino anti-money laundering (AML) programs will depend more on experienced compliance staff to determine how to best address complex vulnerabilities, FATF said. Among the problems...
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