The Danish Gambling Authority, known as Spillemyndigheden, has released a refreshed version of its anti-money laundering (AML) guidance. This update, formulated after extensive consultations with external stakeholders, aims to support gambling operators, their employees, and other relevant parties. It complements the Danish Financial Supervisory Authority’s Guidance on Preventive Measures against Money Laundering and Financing of Terrorism.

New Guidance Incorporates Extensive Revisions

The revised AML guidance includes several key changes, particularly in the areas of risk assessment, policies, procedures, controls, and customer due diligence. These changes reflect both linguistic refinements and substantive updates. To help users navigate the revisions, a version history is now part of the guidance document, detailing specific amendments made.

Additionally, Spillemyndigheden has introduced a new document specifically focused on AML inspections. This document consolidates information that was previously scattered within the AML guidance, offering a comprehensive overview of the inspection process, potential outcomes, and confidentiality issues.

Ongoing Updates and Reporting Requirements

Spillemyndigheden is committed to keeping its anti-money laundering guidance current, ensuring alignment with updates to the Anti-Money Laundering Act, national risk assessments, and best practices in the field.

In other related developments, the authority updated its reporting requirements at the end of last month. These new requirements are set to take effect in 2025, although an exact implementation date has yet to be finalized.

Earlier this year, Spillemyndigheden also issued several orders and reprimands to the gambling operator SkillOnNet for breaches of AML regulations. The company received three orders for AML violations and two additional reprimands related to whistleblowing and business procedures, following an inspection of its compliance materials.

Source: “Spillemyndigheden updates anti-money laundering guidance”. Gambling Insider. June 3, 2024.

The post Danish Gambling Authority Revises Anti-Money Laundering Guidance appeared first on Keno Wizard.

Virginia State Senator Dave Marsden has reintroduced a bill that could pave the way for the construction of a resort-style casino, reminiscent of MGM National Harbor. 

Sen. Marsden’s Revised Casino Bill Targets Tysons Location

Sen. Marsden’s earlier attempt to introduce a similar bill faced setbacks, prompting a strategic revision to address concerns from residents, particularly in Reston. The new proposal is stringent about the casino’s placement, limiting it to Tysons and excluding Reston from consideration, reported NBC Washington.

The bill specifies that the eligible location for the casino must be within one-quarter of a mile of an existing station on the Metro Silver Line, part of a coordinated mixed-use project development, outside the Dulles airport flight path, within two miles of a major shopping destination containing at least 1.5 million square feet of gross building area, and outside the Interstate 495 Beltway. Notably, the bill singles out a particular parcel in Tysons — the site of a defunct auto dealership on Route 7.

The legislative journey for this proposal involves several steps. First, the bill must navigate through both chambers of Virginia’s General Assembly and gain the signature of Gov. Glenn Youngkin. When asked about his stance on the matter, a spokesperson for Gov. Youngkin conveyed that he would review any legislation presented to him.

Should the bill receive approval, it would then proceed to the county level, where the county board would need to request a referendum. This referendum would allow Fairfax County voters to voice their opinion on whether they support the establishment of a casino. If the majority approves, the county would initiate a competitive bidding process for interested developers, who would subsequently seek a casino operator for the venture.

Uncertainties Surround Fairfax Casino Proposal Despite Economic Promise

Some proponents of the casino envision a comprehensive development that goes beyond mere gambling, including a convention center, hotels, restaurants, office space, and residences. This ambitious project aims to address the decline in commercial real estate tax revenue, a trend exacerbated by the COVID-19 pandemic, which has left a void in funding for county resources.

State Senator and Democratic Majority Leader Scott Surovell stressed the importance of securing additional revenue sources to prevent homeowners from bearing the burden. He asserted that to maintain quality education, the responsibility of compensating for lost tax revenue would inevitably shift to homeowners, underscoring the county’s requirement for diversifying its revenue streams.

Despite the potential economic benefits and job creation outlined in a 2019 study by Virginia’s Joint Legislative Audit and Review Commission, there is considerable opposition from local governments and community associations in the Tysons region. The path to establishing a casino in Fairfax County remains uncertain, and the proposal’s fate hinges on legislative approval and the voice of the county’s voters.

The post Virginia Senator Revises Bill Aiming to Build Casino in Fairfax County appeared first on Keno Wizard.