Owing to the current ‘high risk’ environment in the gaming industry, the European Gaming and Betting Association (EGBA) issues new guidelines to reflect the latest technologies and laws in AML, while Australia’s financial crime watchdog pushes for cashless gaming and instigates new AML unit. The Monetary Authority of Singapore issues a new circular to ensure wealth management fund flows into Singapore remain legitimate. Read more on these stories below:
New pan-European guideline to address AML in online gaming
The EGBA issues new guidelines for online gaming operators to help combat money laundering. Developed with input from anti-money laundering experts, the guidelines provide practical guidance on key areas of AML compliance, including customer risk assessments, due diligence, and suspicious transaction reporting, and require members to report annually.
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AUSTRAC forms new unit to crack down on ‘high-risk’ gaming industry
The Australian Transaction Reports and Analysis Centre (AUSTRAC), warns of ‘serious non-compliance' and has created a second specialist unit to combat money laundering within the Australian gaming industry.
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Wealth management sector under ‘supervisory focus’ by MAS
The Monetary Authority of Singapore issues a new circular on risks associated with money laundering and terrorism financing in the wealth management sector. This circular outlines MAS's expectations for financial institutions to examine their existing controls to ensure their effectiveness in mitigating ML/TF risks from high growth areas, and reminds all financial institutions to stay alert to the money laundering and terrorism financing risks in the wealth management sector.
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Photo by Keenan Constance on Unsplash
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