By SectorWire desk ·
FATF identified illegal offshore gambling as a significant financial crime risk. Its warning also covered growing money laundering risks associated with rapidly evolving digital payments across casino, betting and online gambling businesses.
FATF’s warning identifies financial crime risks involving illegal offshore gambling and digital payments across gambling businesses.
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Linked through shared companies, regulators and people, or one step further through the graph.
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 guidance gives gambling operators indicators of money laundering and terrorist financing risks amid calls for stronger action.
Operators can assess FATF warning signs including transfers without betting, third-party deposits and multiple accounts using false identities.