The Annual Anti-Money Laundering and Financial Crime Conference hosted by the Association of Certified Anti-money Laundering Specialists (ACAMS) will begin in late September 2019. Truth Technologies has been attending this conference for years and is excited to attend again.
With topics ranging from sanction screening and PEP (politically-exposed person) screening to financial crime trends and adverse media searching, ACAMS conference covers a multitude of issues facing financial crime prevention. Attracting hundreds of anti-financial crime professionals from multiple sectors, the program this year is stacked with keynote speeches and networking events. Truth Technologies will be present at booth #808, please stop by to say hello!
Money Laundering & Financial Crimes in Casinos
Financial institutions are most commonly associated with AML compliance, but casinos and gaming services also frequently encounter financial crimes. The UK Gambling Commission even publishes a guide to help prevent money laundering in casinos here. It’s almost ironic that one of the largest anti-money laundering conferences is being held in the home of casinos and gambling, Las Vegas.
The tagline of the Las Vegas tourism industry (created by the Las Vegas Convention and Visitors Authority) has been known as “What happens in Vegas, stays in Vegas”, but that’s not always true. In 2016, the Department of Justice and the Las Vegas Sun reported that a sports booking operator, CG Technology, agreed to pay $16.5 million to avoid criminal prosecution. The company was accused of violating federal laws and allowing at least two large-scale parties to launder money received from illegal means.
A country-wide card skimming and money laundering scheme was stopped by the FBI in 2017. The violators in this scheme stole debit card information through the use of skimming devices on ATMs, those accused then laundered the money through casinos on the Las Vegas Strip. In just one casino, the FBI states that $2.6 million was withdrawn from MGM resort properties in Las Vegas.
It’s not all bad news from Las Vegas though. In 2018, the Las Vegas Sands casino and resort pledged to strengthen money laundering and human trafficking protection practices. Pledging to promote responsible gaming practices in a project called “Project Protect”. The US government and FATF have also been cracking down on financial crimes in casinos.
Conference Tips & Tricks
The main bulk of the conference is hosted over 3 days and you need to plan to make the most of that time. The networking events are endless, including breakfast and luncheon meetings, there are lots of opportunities to get to know everyone. There are numerous speakers and panels to attend to learn all the new trends and procedures involved with anti-money laundering practices. Please check out the program for the conference here.
Please come visit Truth Technologies at booth #808 for more exciting information on our platform, Sentinel!