Training: AML Compliance in the Betting and Gaming Sector

Betting and gaming companies, such as casinos, were historically known as being vehicles for money laundering of all kinds and funding of illicit activity. Recent years have seen a significant change in the sector, particularly from a regulatory perspective. There is a perception by many that the industry is lacking in regulatory pressure, which makes it a particularly attractive route for money laundering and terrorist financing.

Companies that are regulated by the National Betting Authority of Cyprus and the Cyprus Gaming Commission need to practise safe gaming and comply with the Anti-Money Laundering legislation in place, and with the Legislative framework of gaming regulation, in general. The main purpose of these regulations is to minimize or eliminate money laundering and terrorist financing risks in this sector.

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