Casinos are by nature cash-intensive businesses undertaking various financial activities. The exchange of large amounts of cash makes casinos particularly vulnerable to money laundering activities.
Casinos present the highest risk of money laundering activities in this sector globally, which has resulted in obligations for casinos being significantly enhanced.
Casinos are required to have an effective Anti-money laundering programme in place which must include procedures for detecting and reporting suspicious activities and transactions.
It is also a requirement for the casino to implement effective customer identification and record-keeping procedures.
A qualified individual who is responsible for the overall compliance function should be appointed and client-facing staff should receive adequate training on applicable laws, policies and procedures. Staff should also be properly trained on how to recognise transactions that appear to have no legitimate business purpose or are inconsistent with the players’ usual gaming activities.
The National Gambling Board (NGB) is responsible for the oversight of the regulation in the gambling industry throughout South Africa. The information and documents provided are specifically intended for gambling and casino businesses operating within South Africa.
Accountable institutions which fall under the National Gambling Board include any person who carries on a business in respect of which a gambling licence is required to be issued by a provincial licensing authority.