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Many Casinos Lag in AML Compliance, Say Consultants
By Brian Monroe
printDuring the third-party audit of a large casino's anti-money laundering program less than a year ago, the head of the gambling operation's compliance division let something slip: the person didn't know which federal agency was responsible for regulating casinos. The slip-up was more telling because the casino's compliance manager had spent several years working for banks but didn't understand the differences between bank and casino anti-money laundering (AML) programs, according to a consultant involved in the audit. The casino's biggest concerns were state and tribal laws rather than federal oversight, said the consultant, who asked not to be named. The...
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