The US Treasury Department has released a report highlighting the risk of money laundering in 2024, emphasizing the vulnerability of the online gambling and sports betting industry. The report cites the challenge of thoroughly tracing payment transactions in this sector, leading to increased susceptibility to money laundering.
The anonymity provided by the gambling industry poses unique risks, despite the regulatory requirement for online casinos to comply with anti-money laundering laws. The report suggests that not all operators are fully aware of their responsibilities, making it difficult to ensure compliance given the industry's rapid growth and jurisdictional variations.
The Treasury has identified the US betting sector as having "significant and growing money laundering risks" due to the volume of bets, the expanding online gambling market, and jurisdictional differences. The report references specific cases, including instances of fraud, highlighting the need for increased vigilance and regulatory measures in the industry.
