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Online gambling is booming across the U.S. and compliance experts caution that it creates opportunities for criminals to launder money or take part in other financial crimes.
Traditional casino gambling has long been acknowledged as a risk for money laundering because it is cash intensive and, compared with banks, casinos afford their patrons more anonymity, giving criminals a way to quietly turn cash of dubious origin into winnings. NEWSLETTER SIGN-UP WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. Preview Subscribe Online gambling presents similar issues, but with fewer watchful eyes. The U.K. and other jurisdictions have stepped up enforcement, but the U.S., with its complex patchwork of state and federal regulators, hasn’t seen a major enforcement push.
