SkyCity’s travails continue as authorities in Adelaide have mandated that the group’s local subsidiary must appoint a ‘suitably qualified independent expert’ approved by the state’s gambling commissioner to overview its AML/CTF compliance.
The Philippine Amusement and Gaming Corporation (PAGCOR) said it received commendation from the Anti-Money Laundering Council (AMLC) for its contribution to the Anti-Money Laundering/Combating the Financing Terrorism (AML/CFT) efforts.
The Philippines has taken steps to improve its AML/CFT procedures, but more needs to be done and the country remains on the Financial Action Task Force (FATF) grey list.
The Monetary Authority of Macao (AMCM), the financial regulator in Macau, has issued updated industry guidance on Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) controls tailored for gaming-related customers.
Casinos along Nepal’s border pose a high risk of money laundering of foreign proceeds, a report by the Asia/Pacific Group on Money Laundering (APG) alleges.
The court has approved the deal between Australian financial watchdog AUSTRAC and Crown Resorts for the payment of a AU$450 million ($300 million) fine, with Crown expected to make the full payment over a two-year period.
Compliance is becoming increasingly important within the Asian market, as regulators aim to rein in any type of malpractice and operators and manufacturers looking to expand to regulated markets need to abide by the higher standards set. Speaking to AGB, BMM Testlabs says that this is focused on “both land-based and online gaming products”, encompassing the gambit of the Asian gaming sphere.
Due to the Philippines' failure to adequately address gaps in its anti-money laundering and terrorist financing regime, the Paris-based Financial Action Task Force (FATF) has retained the country on its gray list for the second straight year.
The rapid evolution of technology means that data is king. And this can work for all parties involved, as experts push for real-time player data to be monitored and used for AML/CFT, regulatory compliance, and mitigating problem gambling.
Operators should be requiring real-time player data, as a key factor not only in identifying possible AML/CFT issues, but also in the interests of player protection and mitigating problem gambling.