Panel Title

Session 1-4-D: Macau Regulations and Law

Location

The Mirage Hotel & Casino, Las Vegas, Nevada

Start Date

7-6-2016 4:00 PM

End Date

7-6-2016 5:30 PM

Abstract

Anti-Money Laundering Programs for Casinos: A Comparison of Macao and US Practice.

Recent world events have reemphasized the importance of controlling and reporting of terrorism financing – one of the major reasons for National and International Anti Money Laundering procedures since the early 1980’s.

Although initially focused on commercial banking operations, casinos have been brought under the scope of that legislation since 1990 – as “money service businesses.” The explosive growth of the Macao casino business on the world gaming since 1995 has led to implementation of new rules for the casinos operating in that jurisdiction.

The current research describes the current regulatory structure of anti-money laundering legislation, regulations and procedures in both Macao and the US casinos. The existing currency transaction reporting is described as well as suspicious activity reporting, and future regulatory and reporting developments.

Significant differences in the regulatory approaches of Macao and the US with regard to AML reporting for both existing process as well as the future direction of regulatory development are emphasized. The socio-cultural differences between these two gaming jurisdictions is also discussed with regard to how new rules and procedures are implemented and followed up.

Finally, there is a discussion of the expected future direction of anti-money laundering legislation, particularly with regard to international cooperation and harmonization of AML rules. Of particular concern is the “extra-territorial” implications of Macao and/or US rules on the major international casino operations which form a significant part of the Macao gaming industry.

Streaming Media

Anti-Money Laundering Programs for Casinos - A Comparison of Macao and US Practices

Keywords

Casino; Anti Money Laundering; Currency Transaction Reporting; Suspicious Activity Reporting; FINCEN; DICJ; Macao

Disciplines

Accounting | Business Administration, Management, and Operations | Economics | Finance and Financial Management | Gaming and Casino Operations Management | International Business | Public Affairs, Public Policy and Public Administration

Comments

Attachment: PDF containing 17 slides; Title slide: Casino Anti-Money Laundering: A Comparison of Macao and US Practices and Procedures

Audio recording of this presentation is attached as a downloadable MP3 audio file, 69.6 MB

This presentation starts at 41:08.

14D_SiuC_pres_AntiMoney.mp3 (69588 kB)
Audio recording of presentation

 
Jun 7th, 4:00 PM Jun 7th, 5:30 PM

Anti-Money Laundering Programs for Casinos - A Comparison of Macao and US Practices

The Mirage Hotel & Casino, Las Vegas, Nevada

Anti-Money Laundering Programs for Casinos: A Comparison of Macao and US Practice.

Recent world events have reemphasized the importance of controlling and reporting of terrorism financing – one of the major reasons for National and International Anti Money Laundering procedures since the early 1980’s.

Although initially focused on commercial banking operations, casinos have been brought under the scope of that legislation since 1990 – as “money service businesses.” The explosive growth of the Macao casino business on the world gaming since 1995 has led to implementation of new rules for the casinos operating in that jurisdiction.

The current research describes the current regulatory structure of anti-money laundering legislation, regulations and procedures in both Macao and the US casinos. The existing currency transaction reporting is described as well as suspicious activity reporting, and future regulatory and reporting developments.

Significant differences in the regulatory approaches of Macao and the US with regard to AML reporting for both existing process as well as the future direction of regulatory development are emphasized. The socio-cultural differences between these two gaming jurisdictions is also discussed with regard to how new rules and procedures are implemented and followed up.

Finally, there is a discussion of the expected future direction of anti-money laundering legislation, particularly with regard to international cooperation and harmonization of AML rules. Of particular concern is the “extra-territorial” implications of Macao and/or US rules on the major international casino operations which form a significant part of the Macao gaming industry.