Banking win-win 

keep casino accounts & correspondent banks



Governance Associates helps banks maintain casino accounts without de-risking by correspondent banks

Throughout the Caribbean banks are having difficulties maintaining correspondent banking relationships because of the practice of de-risking by North American banks.

Casinos and gambling business are identified by the Financial Actions Task Force (FATF) as high risk sectors for money laundering. Banks with perceived high risk accounts are themselves at increased risk of losing correspondent banking relationships and thus increasing costs associated with obtaining and maintaining correspondent banking relationships.

This can motivate banks to drop casinos and gambling business accounts, giving up valuable customers. This is a balancing act being considered by banks throughout the Caribbean and non-G20 countries worldwide.

There is a means though to keep high value casino and gambling customers and maintain correspondent banking relationships.

Solution

Engage Governance Associates to implement risk-based controls for casino and gambling customers. This will allow your bank to implement and demonstrate appropriate risk management as required by the FATF.

Each of our consultants have decades experience regulating casinos, bookmakers, and slot machines (land-based and online). These consultants include Certified Anti-Money Laundering Specialists (CAMS) and AML/CFT external auditors approved by Financial Intelligence Units. Our methods are consistent with IEC/ISO 31010:2009 Risk management - Risk assessment techniques ensuring objective evidence that Designated Non-Financial Business & Professional (DNFBP) customers accounts do not represent excessively high risk. This in turn provides necessary assurance to bank management, shareholders, and business partners including correspondent banks.