Spectrum Gaming Group Provides Independent Anti-Money Laundering Consulting Services

ATLANTIC CITY, NJ--(Marketwired - Feb 3, 2015) - Spectrum Gaming Group, which has conducted audits and investigations regarding anti-money laundering (AML) issues since the inception of the company in 1993, is launching a set of AML services to address the growing legal and regulatory concerns over compliance regarding this critical issue.

American, EU and other international law enforcement have made it known, in no uncertain terms, that casinos are going to have to increase their compliance and enforcement efforts in this area. Law enforcement is encouraging the use of independent companies rather than outside auditing firms that sometimes get too close to management. As gaming has expanded internationally, the risk factors relating to potential money laundering have increased. In December 2014, the American Gaming Association (AGA) issued their Best Practices for Anti-Money Laundering Compliance. This is not a substitute for FinCEN rules and regulations, but the AGA recognized the need to enhance compliance programs specific to each casino.

In conjunction with its sister companies, Spectrum-i and Spectrum Asia, Spectrum is offering AML services to commercial and Indian casinos, banks and governments worldwide that include the following:

  • Risk Assessments
  • Audits and Reviews
  • Compliance Consulting
  • Training Program Design and Delivery
  • Special Investigations and Due Diligence

Spectrum Managing Director Fredric Gushin, while serving as Assistant Director for New Jersey's Division of Gaming Enforcement, worked on a task force to implement amendments to the Bank Secrecy Act when it determined that casinos were considered financial institutions in 1986 to 1988. Gushin stated that, "these services are timely for the worldwide gaming industry as governments are cracking down on corruption (Macau and China), the sources of patrons gaming funds, the filing of suspicious transaction reports and terrorism financing."

Kim McCabe, CPA and Certified Anti-Money Laundering Specialist (CAMS) and former Vice President Compliance, Las Vegas Sands, heads Spectrum's team of AML professionals. Also joining Spectrum's AML services team is Leonard C. Senia, BA & MPA, formerly with the U.S. Department of Treasury/Financial Crimes Enforcement Network (FinCEN), where he specialized for 21 years in preparing AML and suspicious activity reporting regulations, rulings, and guidance documents for the casino and card club industries, casino enforcement actions, and training in casino operations and computerized systems. Other team members are CPAs with gaming regulatory backgrounds and former IRS, FinCEN and law enforcement professionals with gaming industry experience. Our veteran professionals will offer these needed independent services on a timely basis to the casino industry, tribal casinos, banks and governments.

Along with its Spectrum Asia, Spectrum-i and Spectrum Gaming Capital affiliates, Spectrum has offices in Tokyo, Bangkok, New York, Guangzhou, Atlantic City and Las Vegas.