Crackdown on Compliance: AUSTRAC Sets Sights on bet365 in Landmark AML Investigation In a world where financial integrity is paramount, one betting giant finds itself under the microscope. bet365, a titan in the gambling industry, faces a rigorous investigation. AUSTRAC, Australia’s financial watchdog, is determined to uncover the truth behind potential AML/CTF breaches. Delve into […]
Curaçao Calls for Swift Approval of New Gambling Legislation to Bolster Reputation In a bid to revamp its image and combat illicit activities, Curaçao is on the brink of passing a groundbreaking piece of legislation – the National Ordinance for Games of Chance (LOK). Spearheaded by Finance Minister Javier Silvania, this legislative initiative aims to […]
US Treasury Department Unveils Startling Insights into Sports Betting and Money Laundering The recent National Money Laundering Risk Assessment by the US Treasury Department casts a spotlight on the burgeoning sports betting market, now evaluated at a staggering $109 billion. This comprehensive report underscores the increased susceptibility to money laundering activities within this sector. A […]
Unmasking the Risks: The US Treasury’s Warning on Online Gaming In its 2024 national money laundering threat evaluation, the US Treasury casts a spotlight on the burgeoning online gaming sector. The rapid expansion of this industry, while a boon for entertainment and economy, has inadvertently paved the way for “unique money laundering risks.” This concern […]
Italian Police Unearth Mafia’s Multinational iGaming Scheme with €400M Seizure In a significant blow to organized crime in the online gambling sector, Italian law enforcement agencies have seized a staggering €400 million in assets linked to a mafia-associated iGaming company based in Malta. This move is part of “Operation Galaxy,” an extensive campaign targeting the […]
MGM Grand’s Compliance Catastrophe: Sibella’s Guilty Plea Shakes the Gaming World The gaming industry reels as MGM Grand‘s former president, Scott Sibella, pleads guilty to failing to report suspicious transactions, unveiling a deep-rooted scandal involving illegal bookmaking within the prestigious casino. This case highlights critical lapses in anti-money laundering measures, underscoring the need for stringent […]
A Revelation of Shifting Priorities: Ecuador’s Decision on Casino Reopening In a surprising turn of events, Ecuador’s government initially included a proposal to resume gambling and reopen casinos in a referendum submitted to the Constitutional Court at the start of 2024. However, this proposal has been notably omitted from the final list of questions, marking […]
Be Vigilant: FINTRAC Raises Alarm on Money Laundering Risks in Online Gambling The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has sounded a clear warning to the gambling sector. In a special bulletin, FINTRAC has flagged the heightened risk of money laundering through online gambling, urging operators and payment providers to remain vigilant […]
Delve into the alarming revelations from a recent UN report that exposes the unsettling connection between illegal online casinos, cryptocurrency, and the surge in organized crime across Southeast Asia. As the underground banking and money laundering infrastructure evolves with technology, transnational criminal networks are finding new opportunities in this digital era. UNODC’s investigation uncovers the […]
In a significant legal turn, the Court of Second Instance in Macau has rewritten the fate of former junket boss Levo Chan and his co-defendants, unraveling a complex web of convictions and acquittals. This courtroom drama saw Chan’s prison sentence reduced, fraud charges dismissed, and a noteworthy increase in the government’s compensation claims. As we […]