Bloomberg Law
May 22, 2018, 3:23 PM UTC

Banks Likely to Bet That Sports Gambling Worth the Risk

Evan Weinberger
Bloomberg Industry Group

A rush among states to get sports gambling into casinos, race tracks, and other venues following a May 14 U.S. Supreme Court decision means banks are going to have to be extra vigilant about potential money laundering risks as new waves of cash roll in.

Banks, particularly those that already do business with casinos and race tracks, should already have appropriate controls in place to monitor for suspicious transactions coming out of gambling houses. Casinos and other gaming institutions already have their own anti-money laundering and Bank Secrecy Act requirements, as well.

But the added business they are expecting to ...

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