The best available international estimate of the amount of money laundering is equivalent to some 2.7% of global GDP or US$1.6 trillion in 2009. Today the threat remains significant internationally, nationally and at business sector level; this includes the gambling sector where laundering of criminal proceeds is a strategic threat to the gambling industry's sustainability and reputation.
Legislators and regulators globally increasingly require gambling operators to be proactive in money laundering prevention, the consequence of failing to do so could result in financial penalties and ultimately the revocation of licences. Legal, regulatory, financial and reputational risk to gambling operators and the wider industry in relation to money laundering have never been greater.
Gambling Integrity has specialists who have worked in both law enforcement and the gambling industry that can assist in mitigating money laundering risk, including:
- money laundering risk assessment,
- policies and procedures to manage risks,
- monitoring and managing compliance with those policies and procedures,
- conducting an appropriate level of customer due diligence (CDD), including transaction monitoring,
- record keeping and retention,
- ensure awareness and training of staff,
- liaison with law enforcement and regulators.