GAMING COMMISSION & FIC TRAIN GAMING OPERATORS ON AML/CFT

Gaming Commission of Ghana in collaboration with Financial Intelligence Centre (FIC) has organized a two-day workshop for gaming operators under the theme,“Capacity Building on Anti-Money Laundering/Countering the Financing of Terrorism and Proliferation Financing (AML/CFT & PF)” in Accra.The workshop was to equip the operators with requisite knowledge on emerging trends in money laundering within the gaming industry, and the role of operators in combating AML among others.

Addressing the gaming operators drawn from casino, sportbetting and route operations, Mr. Sean Henry Osei, Deputy Manager of Compliance of the FIC, noted that money laundering and terrorist financing leads to loss of revenue and control on economic policies, distorts an economy as well as threatens peaceful and credible democracies.

The gaming industry he said has been identified as a conduit where illegally obtained funds are sometimes channeled through, into the financial system. He stressed that it has become necessary for off and onland gaming operators, to develop their own compliance programs, that target fraud prevention. This is mainly through reporting of suspected AML/TF to the FIC, the conduct of independent AML audits, customer due diligence (CDD), enhanced due diligence (EDD) as well as employee training, to identify AML/TF red flags.

According to the Acting Head of Research at the FIC, Madam Rita Yeboah, new money laundering risk indicators identified include the use of mobile payments in casinos, risks associated with online casinos and games and growing use of tickets or card-based slot machines. She indicated that following FATF recommendations for money laundering risk mitigation in the gaming sector, the Gaming Commission should review national legislation to cover technical compliance gaps identified and ensure that online casinos are fully covered for AML purposes.

Madam Yeboah added that the Commission should be given adequate resources and sector-specific training, to conduct on-site and off-site AML supervision of gaming facilities. The recommended she said also included the need for the implementation of effective, proportionate and dissuasive sanctions as well as the investigation of suspicious activities in gaming facilities within the country. She highlighted the need for gaming operators and the police service to work more closely by sharing accurate information such as video surveillance and CDD information collected at the entrance of facilities among others.

Principal Officer of Investigations, Inspection, Compliance and Enforcement at the Gaming Commission, Mr. Patrick Kwakye explained efforts of the Commission, to ensure gaming operators adhere to international best practices.
He stressed that casinos are more susceptible to money laundering due to “the variety, frequency and volume of transactions” that players engage in, as well as the cash intensive nature of the business.

He urged the operators to desist from the use of cryptocurrency and prevent fictitious means of payments in their facilities. Mr. Kwakye further advised the gaming operators, to comply with the Commission’s directive on appointment of compliance officers to carry out risk-based AML programs in their operations.