By SectorWire desk ·
FATF president Giles Thomson called for stronger action against illegal gambling operators. His comments followed FATF guidance identifying indicators of money laundering and terrorist financing risks in gambling.
FATF’s guidance gives gambling operators indicators of money laundering and terrorist financing risks amid calls for stronger action.
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Operators can assess FATF warning signs including transfers without betting, third-party deposits and multiple accounts using false identities.
Operators must expand their risk assessments and sanctions safeguards, and arrange independent testing through an audit function or external expert.
The warning broadens the money laundering risk focus beyond gambling operators to the digital ecosystem surrounding them.
Authorities are considering taxing gold transactions and expanding information sharing to address money laundering linked to illegal gambling.
FATF identifies casinos and sports betting as particularly exposed to money laundering risks involving ownership, offshore operators and payments.
FATF’s warning identifies financial crime risks involving illegal offshore gambling and digital payments across gambling businesses.