Casino Essentials is not only the leading provider for gaming industry specific online training, but for live and virtual conferences and workshops too. For the past 7 years, Casino Essentials has been hosting Anti-Money Laundering (AML) and Cage Operations seminars, workshops, conferences and expo halls. At its peak of attendance, the Annual National Las Vegas AML Conference & Expo had 600 attendees and 14 exhibitors.
Casino Essentials has access to the most experienced legal and compliance speakers in the gaming industry, including Government officials and personnel. In 2019, the 12th Annual National Las Vegas AML Conference & Expo, the keynote speakers were Kenneth A. Blanco – Director, FinCEN, John D. (Don) Fort – Chief, IRS-Criminal Investigation, and Deborah – Connor Chief, U.S. Department of Justice. No other AML event has the unique access to government personnel Casino Essentials offers. Attendees hear from top government officials who are creating and implementing the federal AML compliance laws and standards.
The attendees favored Director of FinCEN Kenneth Blanco’s Keynote: FinCEN Addresses the Casino Industry most at the 12th Annual National Las Vegas Conference & Expo. His valuable keynote touched upon 4 key components.
First, The technological impact in financial crime detection, particularly in sports betting and mobile gaming;
With last year’s Supreme Court decision legalizing sports betting, it’s important for casinos and card clubs to consider how to integrate sports betting programs into their existing AML programs. Sports betting, and other mobile gaming services run through your casino, are no different than other products and services. FinCEN expects that your casino or card club is monitoring your sports betting programs for potentially suspicious activity. This includes offering sports betting through a mobile app.Whether or not sports betting is offered on or off-premise, your AML obligations are the same. Not only that, we expect your SAR reporting will include cyber-related indicators collected through the use of mobile gaming or betting applications.You must establish and implement procedures for using all available information to detect and report suspicious transactions, or suspicious patterns of transactions, that occur through mobile sports applications.
Second, the importance of FinCEN’s recent guidance on Convertible Virtual Currency
In May of this year, FinCEN issued guidance on how regulations relating to money services businesses (MSBs) apply to certain business models involving money transmission denominated in value that substitutes for currency, specifically, convertible virtual currencies (CVCs). within the United States. For casinos and card clubs accepting CVC from customers either on location or through your mobile applications, you need to ensure that this is accounted for in your policies, procedures, and internal controls—as well as your risk assessments. You should also consider how you will review and conduct due diligence on transactions in CVC. How will you conduct blockchain analytics to determine the source of the CVC? How will you incorporate CVC-related indicators into your SAR filings as appropriate? I encourage casinos to closely review both documents on FinCEN’s website to see how we are addressing this industry and its interactions with others in the financial sector. Casinos should be filing SARs when they encounter suspicious CVC activity and any cyber events that affect, facilitate, or conduct transactions. We know that casinos are targets for cyber and cyber-enabled criminal activity such as ransomware attacks and business e-mail compromise schemes.
Third, The importance of a strong culture of compliance within casinos; and
Lastly, the Director provided an overview of our ongoing work related to regulatory reform, innovation, and BSA value.
Other favorite topic sessions included:
Surveillance Panel: The important role surveillance plays in AML compliance
Independent Testing: Does your compliance program mitigate the risk of non-compliance?
IRS Examinations and Hot Topics
Regulatory Intersections: The Interplay of the Rules Surrounding Cyber Security & Anti-Money Laundering
We received excellent remarks and feedback from our attendees:
What will you hear at the 13th Annual National AML Virtual Conference
Casino Essentials is excited to share that the 13th Annual National AML Virtual Conference will be held virtually this year! This 4-day event, October 19-22, 2020, will feature presentations from the most experienced legal and compliance speakers in the gaming industry. Save the date and join our interest list to learn about the latest Title 31 updates and news from FinCEN and the IRS to help your casino prepare for reporting changes and IRS audits.
This event is the premiere Anti-Money Laundering conference exclusive to casino personnel, focused on both Title 31 fundamentals and industry hot-topics. We listened to what the industry wanted to hear at the event by reviewing the survey submissions. The agenda topics range from AML Considerations in a Post COVID-19 Environment to KYC, CDD, and EDD. We will announce the agenda and speaker lineup this week! Join our interest list so you receive the most updated information.
Casino Essentials Events provides access to the leading sponsors and exhibitors in the Gaming Industry. The corporate sponsors have supported Casino Essentials for multiple years.
Platinum Corporate Sponsor: Everi Compliance
Diamond Corporate Sponsor: FABITrack
Gold Corporate Sponsor: NRT Technology
Gold Corporate sponsor: DiTRONICS