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Gambling Compliance: U.S. Sports-Betting Expansion an AML Compliance Challenge

October 04, 2018

The legalization of sports betting has drawn recent attention to the challenge of money laundering, which “continues to be one of the most pressing regulatory issues for casinos and card rooms.” Laurel Rimon, senior counsel at O’Melveny, advises casino compliance officials and other stakeholders: “The first and easy thing to say is it’s time to stop to reassess your [compliance] program. Taking on a new line of business or new risk, it is time to reassess your business … and surprisingly I find that is not done as aggressively as it should be.” Rimon said the key issue for compliance officials is to make use of all the available information to prevent money laundering and violations of the BSA. She suggested the “sharing of information from compliance to the business side of companies” to “prevent violations.”