Government regulators view the anonymous, fast-paced, and cash-based casino environment as a perfect storm for financial crimes such as money laundering and terrorist financing. Casinos are under scrutiny by regulators and are required to implement an effective risk-based AML & CFT compliance program. Failure to implement a compliance program required under your country’s financial regulations may result in monetary fines.
Development of Currency Translations and Suspicious Activity Reporting Systems Casinos are the new front line against money laundering and terrorist financing. Effective AML & CFT compliance programs rely on the filing of Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs). These reports are legally mandated to document any suspicious behavior in conjunction with financial transactions. Properly filed SARs and CTRs provide vital information to law enforcement and protect your organization from regulatory and criminal threats. Anti-Money Laundering specialists can help your organization develop the strategies and tools to identify, investigate and report suspicious activities.
Stop Theft Before it Starts
According to the United Nations, over $1.6 trillion in criminal proceeds are laundered annually. Because of strict financial regulatory requirements that casinos must follow, operators must implement comprehensive risk-based Anti-Money Laundering compliance programs.
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