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The AGA Unveils Renewed AML Practices

by Global Payments Gaming Team / August 9, 2022

Anti-money laundering (AML) practices are an integral part of the modern gaming industry. Maintaining strong AML practices does not just ensure good standing with the law, but it also helps build trust with patrons and the community at large. Casino operators need to stay up to date on the latest AML practices, so the American Gaming Association (AGA) released the third edition of the Best Practices for Anti-Money Laundering (AML) Compliance.

Since the previous edition released in 2019, the AGA has updated their AML practices to better reflect the state of the industry today, based on new legislation, improved technology and advanced cyberattack sophistication. The Anti-Money Laundering Act of 2020 made significant changes to the Bank Secrecy Act, which is vitally important to gaming industry professionals. Also, since the previous edition was published, 16 states have legalized sports being and iGaming. The vast expansion of the gaming industry has required new ways to approach AML practices.

Global Payments Gaming Solutions also promotes AML practices in its products. Namely, Title 31 of the Bank Secrecy Act is one of the most salient pieces of legislation for casino operators. Failure to comply can result in costly fines, so operators need to be completely sure of their compliance. VIP Shield is Global Payments’ an all-in-one Title 31 compliance solution that covers all aspects of AML compliance. VIP Shield automates reporting, which helps to avoid mistakes and reduce risk. This way, casino operators can rest assured that their AML compliance is taken care of and focus their efforts on the patron experience. Similarly, Global Payments Gaming Solutions incorporates know your customer (KYC) features in its other products as well. Solutions like VIP Mobility™, the industry’s first mobile solution enabling true cashless gaming, use bank-grade security to protect patrons and gaming institutions.

Click here to learn more about how Global Payments Gaming Solutions provides products that help the casino operators and improve the patron experience.

Tags: security

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