Nervous banks eye casino AML practices

Asia’s casinos may face growing pressure from their banks as efforts to combat global money laundering increase, adding another level of scrutiny, compliance experts say. Operators in the major gaming jurisdictions in the region are already facing increased regulation, with Macau introducing new rules in 2016 and the Philippines taking steps to bring the gaming industry under AML legislation for the first time. Though now, they may see the threat of funding being withdrawn if they are not able to satisfy the needs of financial institutions, which have been under pressure from their own regulators for several years. “I also heard that banks in Asia are starting to ask casinos for their AML compliance procedures,” Paul Havalchak, director, Financial Crimes Unit, PricewaterhouseCoopers said in an address at the International Association of Gaming Advisors’ panel at G2E Asia. “They are starting to put more pressure on casinos.” Havalchak said over the past 12-to-18...

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