Casino owners asked to use KYC principles

Post was last updated: November 27, 2015

The Malawi Gaming Board has urged casino operators to watch against money laundering in their operations by implementing Know Your Customer (KYC) principles as is currently being done by financial institutions.

The Board’s chief executive officer Master Maliro was speaking in Blantyre on Tuesday during a day-long workshop for casino operators on how to prevent money laundering. The workshop was organised in conjunction with the Financial Intelligence Unit.

Maliro described money laundering as the process of transforming the proceeds of crime into ostensibly legitimate money or other assets. He said money launders could be tempted to use casinos to wash their dirty money into clean money, therefore, the need for operators to be on the lookout.

“You need to know your customer. Gamblers need to be registered so that you know who you are doing business with,” said Maliro. According to Maliro, casinos, just like banks, are now considered as financial institutions, hence, the need for operators to enhance know your customer principles.

During the meeting, the casino operators were drilled on some of the red flags money laundering.

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