Russian President Vladimir Putin has signed a bill into law that will require casino operators to step up their identification of patrons in a bid to improve tax revenue.
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...
The UK’s gambling regulator has turned up the heat on casinos where money laundering is concerned, requiring rigorous background checks on wealthy international clients, including those from Mainland China, which is having an a detrimental effect on VIP business. Some upmarket operators are warning some high rollers are choosing to go elsewhere.
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 Though now, they may see the threat of funding being withdrawn if they are not able to satisfy the needs of financial institutions, which have been under pressure from their own regulators for several years.