Leaders of a senate panel Wednesday called for stronger oversight of online gaming to reverse the effects of a 2011 U.S. Justice Department memorandum that loosened restrictions on the industry.
Fueled by the need to fill budgetary coffers, the expansion of casinos in the United States will likely foster another sort of growth-more state anti-money laundering laws.
Financial institutions may need to update anti-money laundering controls, due diligence and screening associated with their third-party payment processor customers, particularly those based internationally, according to U.S. Treasury guidance issued Monday.
The U.S. government's crackdown on the largest online gambling operations this month has prompted American gamblers to place their bets elsewhere on the Web, with few signs of a long-term slowdown for the industry.
The U.S. Justice Department is seeking $3 billion in forfeitures and fines from three of the largest online gambling businesses and the financial institutions and individuals that helped to process bets.
The United States has ordered four banks to freeze $33 million tied to companies that dole out winnings to online poker players, according to an Internet gambling advocacy group.
print