Casino AML Reforms Advance Under Nevada Regulators
HighlightsÂ
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Nevada’s Gaming Commission to introduce new regulations that strengthen casino AML rules.Â
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Board Member George Assad has offered a new direction for AML measures.
The Nevada Gaming Commission has approved new anti-money laundering (AML) regulations. These news regulations mandate that casino compliance officers responsible for regulatory oversight undergo vetting and licensing by regulators. This increases the accountability of the officers, also known as gaming employees, in preventing money laundering activities.Â
Under these new regulations, the Nevada Gaming Control Board (NGCB) will review and approve gaming employees primarily responsible for the casino’s overall compliance strategy. An AML compliance officer must be formally licensed and found suitable by the Commission.
According to the legislation, gaming companies should inform the board when an employee is terminated due to non-adherence to AML policies.
George Asad has applauded these legal efforts and said that such initiatives would drive away regulators from using the state’s Black Book. Black Book is nothing but the Nevada List of Excluded Persons. The individual in the list is considered a threat to the state’s gaming industry.
The NGCB member has recommended formative ways to strengthen AML measures. One of which is a whistleblower program that would reward individuals for exposing money-laundering offenders or fraudsters.
He further emphasized the need for robust verification and Know Your Customer (KYC) procedures rather than treating compliance as a checklist.Â
For more information, Refer Here!
Under these new regulations, the Nevada Gaming Control Board (NGCB) will review and approve gaming employees primarily responsible for the casino’s overall compliance strategy. An AML compliance officer must be formally licensed and found suitable by the Commission.
According to the legislation, gaming companies should inform the board when an employee is terminated due to non-adherence to AML policies.
George Asad has applauded these legal efforts and said that such initiatives would drive away regulators from using the state’s Black Book. Black Book is nothing but the Nevada List of Excluded Persons. The individual in the list is considered a threat to the state’s gaming industry.
The NGCB member has recommended formative ways to strengthen AML measures. One of which is a whistleblower program that would reward individuals for exposing money-laundering offenders or fraudsters.
He further emphasized the need for robust verification and Know Your Customer (KYC) procedures rather than treating compliance as a checklist.Â
For more information, Refer Here!
