Casino Essentials has hosted the National Las Vegas AML Conference & Expo annually for the past 12 years. In 2019, we had over 600 attendees at the National AML Conference in Las Vegas with compliance professionals in the gaming industry from all over the country. This event is the premiere AML compliance conference with subject matter experts and government officials from FinCEN and IRS as speakers.
Due to current circumstances, we are hosting the 2020 event virtually. The Vector Solutions Leadership Team saw the need for our industry to coordinate a Virtual AML Event and create a forum for all AML professionals to discuss concerns and brainstorm solutions together, while sharing information. We are committed to being a valuable resource for our industry and we understand the importance of networking, continuing education and training for casinos and will continue to host these events either in person or virtually into 2021.
On October 20th, Jim Dowling & Brian Lopez from Dowling Advisory Group hosted the Independent Audit Sessions with Greg Lisa from Hogan Lovells, along with special guests, Jason Carmen, Manager at IRS BSA Casino Group and Lauren Utz, Director of Gaming Compliance at Delaware North as panelists at the 2020 Virtual AML Event.
As President of the Dowling Advisory Group, Jim Dowling is a subject matter expert in Independent Testing. He walked through the process of testing casino AML compliance programs and explained that each program is not a one size fits all. It’s dependent on the casino’s risk assessment and contingent on the culture of compliance throughout the team.
A critical piece in the Six-Pillars of your AML Compliance Program is training. All personnel that are patron-facing employees on the gaming floor may possibly witness a money laundering related event, should train on Anti-Money Laundering (AML). The Compliance team at any property is required to use all available information, including eye-witnessed events, when reporting anything suspicious.
Training of the Title 31 regulation for your team is required by FinCEN and the IRS. Without an adequate training program, your casino can be subject to fines and penalties for noncompliance. With multiple job titles and departments it can be difficult to monitor and track a training schedule. Manual reporting can take a multi-person team to keep track and depends on the cooperation between various departments. An online training program is a perfect solution to ensure your team is maintaining compliance.