FATF Report on Vulnerabilities of Casinos and Gaming Sector

The vulnerability of casinos was recognised in the revision of the FATF 40 Recommendations, with obligations on casinos being significantly enhanced. A recent report issued by the Financial Action Task Force (FATF) identifies current regional or global money laundering and terrorist financing threats on casinos and gaming. (Read the Vulnerabilities of Casinos and Gaming Sector Report.)

FinCEN Transfers All MSB Information to FinCEN.gov

The United States Financial Crimes Enforcement Network (FinCEN) has transferred all resources for money services businesses (MSBs) to the "financial institutions" section of its website. MSBs now will find all Bank Secrecy Act (BSA) information related to their industry in one place on www.fincen.gov. This change consolidates information for all industries subject to BSA reporting and recordkeeping requirements to a single website, and furthers FinCEN’s efforts to carry out its administration of the BSA in the most efficient and effective manner possible.

FINTRAC develops e-learning module on terrorist financing

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has developed an e-learning module that focuses on terrorist financing. By using this new product, reporting entities with obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act may be able to enhance their internal money laundering and terrorist financing risk assessment processes and facilitate employee training, both of which are essential elements of a compliance regime. (Access the Terrorist Financing E-learning Module.)