AML moving in the right direction in Asia, but gaps wide

Asia’s gaming jurisdictions are moving forward in improving their regulations on money laundering (AML) and financial crime, though wide disparities remain and operators in those countries that are lagging need to ensure they are taking the right steps towards compliance. The United Nations has estimated that financial crime amounts to between two and five percent of global gross domestic product (GDP), which tops out at between $800 billion and $2 trillion globally. In a recent interview, Bharath Vellore, Managing Director, Asia Pacific, Accuity, said that benchmark percentage to GDP ratio could probably be applied to individual countries to get an idea of the scope of the problem in Asia. Casinos are particularly vulnerable and even in highly regulated markets, such as Singapore, problems have emerged. Earlier this year, Las Vegas Sands’ Marina Bay Sands found itself at the centre of a probe by the U.S. Justice Department and Singapore’s Casino Regulatory Authority...

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