Las Vegas casinos comply with new anti-money-laundering regulations

Compliance officers from casinos on the Las Vegas Strip said Nevada’s new anti-money-laundering regulations will cost casinos revenue, but they’re more focused than ever on enhancing customer oversight of source of funds. The compliance officers spoke Wednesday at a gaming conference at Circa Las Vegas hosted by the Nevada Society of Certified Public Accountants.

The speakers included Stephen Martino, vice president and chief compliance officer at MGM Resorts International; Eric Akiyama, Banking Secrecy ACT and AML officer at Wynn Resorts; Brittany Morales, director of internal audit at Fontainebleau Las Vegas; and Kim Barley, director of National Gaming & Hospitality Group. Daniel Holmes, a partner and gaming services practice leader for Rubin Brown moderated the panel.

Compliance has been in the news since the Nevada Gaming Control Board and Nevada Gaming Commission signed off on new regulations in April.

Over the last year-plus, four Strip casinos were fined a combined $32 million for AML-related violations: Caesars Entertainment $7.8 million, MGM Resorts $8.5 million, and Resorts World Las Vegas $10.5 million, all three dealing with illegal bookmakers. Wynn Resorts was fined $5.5 million for unregistered international money transfers.

In recent months, illegal bookmakers Wayne Nix and Matthew Bowyer, who between them were involved in violations at three of the casinos, were put in the state’s Black Book excluding them from casinos.

Barley said all the cases started with the Department of Justice following the bookies’ money trail and seeing it filter into casinos. The Nevada Gaming Control Board followed up on those investigations.

https://cdcgaming.com/las-vegas-casinos-comply-with-new-anti-money-laundering-regulations-though-they-can-be-expensive/