In today’s business environment, the importance of having effective anti-money laundering (AML) controls cannot be over-stated.
Serious gaming companies know that they must ensure that they have appropriate AML policies and procedures in place, and that their operational teams are effectively implementing them. The failure to do so can have a devastating effect on a company’s fortunes.
If correctly applied, it is critically important. Without it, a gaming business cannot grow into a sustainable and socially responsible enterprise.
Compliance isn’t limited to anti-money laundering and funding of terrorism but extends to several other areas including data protection, responsible gaming, and consumer protection.
Non-compliance has serious consequences: gaming regulators have issued six and even seven figure fines. Then there is the often irreparable damage to the company’s reputation and brand name to consider.
The solution is to have a team in place that consistently seeks effective, practical and appropriate measures to address these risks in a manner that allows the company to do business safely.
How AE Business Advisors Can Help
We have lawyers who are experienced in compliance and can assist your MLROs in drawing up or revisiting their AML manuals and procedures. The business risk assessment has become a central pillar of AML compliance. We can help your team draw up this document and map out your company’s AML risk, the mitigation measures and rank the residual risk.
Our team can share experiences learned from several case histories and help you formulate strategies to ensure that your AML response is measured, effective and practical.