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The U.S. gaming sector's string of recent compliance penalties have prompted many casinos to rethink how they implement anti-money laundering controls, according to Kim McCabe, founder of Henderson, NV-based consultancy KMC, LLC.
The U.K. Gambling Commission may have called on firms last month to improve their anti-money laundering controls, but the concerns over how best to do that are not new to the nation's gaming sector.
Nevada state regulators will levy a monetary penalty and set conditions on Caesars Entertainment's gaming license as part of an anti-money laundering settlement, according to an individual with knowledge of the plan.
A Northern Mariana Islands casino will forfeit approximately $3 million to the U.S. Justice Department under the terms of a deal reached Thursday that will spare the gambling operation criminal charges.
The U.S. Treasury Department imposed a $75 million fine Wednesday against a casino in the Northern Mariana Islands, less than a year after banning its former VIP services manager over related infractions.
A bankruptcy court cleared the way Wednesday for a $10 million fine against Trump Taj Mahal Casino Resort for poor compliance with recordkeeping and reporting rules, the U.S. Treasury Department said.
Ahead of the issuance of expected federal guidance, a top lobbying group for America's casinos Thursday outlined how the gaming industry should best shield itself from money launderers.
Federal officials are investigating four of Nevada's most well-known casinos for potential violations of the Bank Secrecy Act, according to sources familiar with the matter and a regulatory disclosure published Monday.
Two of the world's largest online poker Web sites will forfeit $547 million to settle U.S. Justice Department allegations that they violated anti-gambling laws and deceived financial institutions into processing their payments.
As some states inch toward legalizing online gambling, they are unlikely to get much cooperation from financial institutions concerned that they'll be held liable for processing even legal bets, say analysts.
The Internet Gambling Regulation, Consumer Protection and Enforcement Act is introduced by Representative John Campbell, Antigua & Barbuda defends its AML regime after publication of State Department report, and more, in this week's roundup.
U.S. banks are still fine tuning policies on when to report suspicious activity and reject transactions tied to online gambling after the passing of a June 1 enforcement deadline.
An online gambling ban that requires banks to monitor for illegal transactions is unlikely to be overturned before a June 1 enforcement deadline, despite congressional efforts to repeal the law.
A bill that would legalize Internet gambling within the United States through licenses issued by the Treasury Department will likely be approved by the House of Representatives, say analysts.
U.S. financial regulators Friday granted financial institutions a six-month delay in enforcing a controversial Internet gambling ban that will require banks to freeze transactions tied to the illegal organizations.
As the Bush administration prepared this fall to step down in January, lobbying groups pushed for the issuance of regulations that few thought of as a priority: the final rules on a controversial Internet gambling ban.
The U.S. House Committee on Financial Services voted down a bill Wednesday that would have reversed a federal ban on processing Internet gambling payments. The bill would have stopped regulations issued by the Federal Reserve and U.S. Treasury Department in October.
The proposal would forbid the U.S. Treasury Department and the Federal Reserve from enforcing requirements of the Unlawful Internet Gambling Enforcement Act of 2006.
U.S. financial services regulators said they have not been able to finalize rules banning banks and payment systems from accepting funds from Internet gambling operations because the federal law requiring the ban is too vague.
The proposal, issued by the U.S. Treasury Department and Federal Reserve, implements the Unlawful Internet Gambling Enforcement Act. That act, which took effect in October, prohibits financial institutions from "knowingly" processing transactions from online gaming sites.
