Chile regulator reaches agreement to boost casino industry transparency

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The Superintendency of Gambling Casinos (SCJ) of Chile has updated an agreement with the Financial Analysis Unit (UAF) to promote new measures to prevent money laundering and terrorist financing in local casinos.

The signature of the UAF Director Javier Cruz and Superintendent Vivien Villagrán renews a Framework Collaboration Agreement initially started in 2009, which follows international standards.

The agreement includes specific inspection programs to be carried out for Chilean gambling establishments, as well as training for UAF and SCJ officials in regards to common interest issues and promotion activities.

“The new agreement consolidates coordination between both entities. For example, it works to carry out activities to verify compliance with rules and regulations, and reinforces the information exchange related to administrative sanctioning procedures initiated at gambling casinos,” the SCJ explained.

Javier Cruz warned that as participants in the national anti-money laundering and terrorism financing system, casinos must implement policies and procedures to prevent and detect suspicious operations related to those crimes.

“To do this, they must not only know the risks to which they’re exposed, but also the warning signs that they should look for. Hence the importance of the collaboration, training and supervision activities that we can develop with the SCJ and the entities that it regulates and supervises,” he added.

Villagrán echoed the view, saying that “international standards require us to strengthen inter-institutional coordination” in order to protect the economy and the country from the “serious damage caused by the money laundering crimes and terrorist financing”.

After updating the agreement, the SCJ will be able to formalize actions from the Action Plan of the National Strategy to prevent and fight these problems. Additionally, the joint work provides the opportunity to exchange knowledge and good practices and “will allow the establishment of joint strategies that reduce the threats and vulnerabilities of the casino industry when it comes to money laundering, terrorist financing and corruption”.