Money Laundering Crackdown: MGM Resorts Intensifies Anti-Money Laundering Measures
MGM Resorts' Strategies to Thwart Money Laundering in its Las Vegas Casino Operations
In a bid to thwart illegal activities, MGM Resorts International has amped up its anti-money laundering (AML) efforts following an investigation into illegal bookmakers laundering money at two of its Las Vegas casinos. Here's a rundown of their new AML compliance initiatives:
MGM's Enhanced Compliance Efforts:
- Massive Investment: MGM is spending over a million dollars on strengthening AML compliance measures.
- Increased Reporting: In the last decade, MGM Resorts filed 46,000 suspicious activity reports and has banned over 2,600 customers from gambling.
- Proactive Steps: MGM officials have outlined their newly implemented AML compliance measures to gaming regulators in April.
Nevada Gaming Commission's Money Laundering Crackdown:
The Nevada Gaming Commission (NGC) is leaving no stone unturned in its pursuit of eradicating money laundering activities, particularly those involving illegal bookmakers.
- Hefty Fines: MGM Resorts and Genting Berhad, owner of Resorts World Las Vegas, were slapped with fines totaling $19 million. MGM was fined $8.5 million for failing to prevent illegal bookmakers from gambling at its properties.
- ** enhanced Regulations and Enforcement:** The NGC has imposed specific conditions on MGM's gaming licenses and mandated remedial measures at MGM properties to enhance AML compliance.
Regulatory Evolution in Nevada:
Nevada is taking steps to combat illegal gambling activities more broadly. A recent Senate bill (SB 256) targets unlicensed gambling operators, including sweepstakes casinos and offshore betting sites, with potential penalties of up to 10-year sentences. This legislative move reflects the broader strategy of maintaining a regulated and compliant gaming environment in Nevada.
[1] MGM Resorts International Blazes Ahead with AML Safeguards. (2021, April 22). Retrieved from https://regulatorycomplianceassociation.com/mgm-resorts-international-blazes-ahead-with-aml-safeguards/
[2] Nevada fines MGM Resorts $8.5M for allowing illegal bookmakers to gamble, reports say. (2021, April 13). Retrieved from https://www.reviewjournal.com/business/casinos-gaming/nevada-fines-mgm-resorts-8-5m-for-allowing-illegal-bookmakers-to-gamble-reports-say-2641285/
[3] Las Vegas' Resorts World to pay $10.5M fine, change ownership as part of broader settlement with state. (2021, April 14). Retrieved from https://www.reviewjournal.com/business/casinos-gaming/las-vegas-resorts-world-to-pay-10-5m-fine-change-ownership-as-part-of-broader-settlement-with-state-2641414/
[4] Godlewski, D. (2021, May 19). Nevada Gaming Commission sets fines for MGM, Genting. Retrieved from https://www.reviewjournal.com/business/casinos-gaming/nevada-gaming-commission-sets-fines-for-mgm-genting-2653817/
[5] Moore, C. (2021, February 22). Sweepstakes casinos, online gaming targeted by new Nevada bill. Retrieved from https://www.reviewjournal.com/business/casinos-gaming/sweepstakes-casinos-online-gaming-targeted-by-new-nevada-bill-2623535/
- MGM Resorts International, in response to an investigation into money laundering, is actively increasing its anti-money laundering (AML) measures, investing over $1 million to strengthen compliance.
- In the last decade, MGM Resorts filed 46,000 suspicious activity reports and prohibited over 2,600 individuals from gambling due to AML concerns.
- MGM officials have detailed their newly established AML compliance measures to gaming regulators in April, ensuring a proactive approach to this issue.
- The Nevada Gaming Commission (NGC) is actively combating money laundering, imposing specific conditions on MGM's gaming licenses and demanding remedial measures to enhance AML compliance at MGM properties.
- Nevada is taking steps beyond casino culture to combat illegal gambling, targeting unlicensed operators like sweepstakes casinos and offshore betting sites with potential penalties of up to 10 years in prison, as part of a strategic effort to maintain a regulated and compliant gaming environment.
