The Ministry of Hacienda issued Resolution No. 204-2017 with the rules to combat money-laundering and financing of terrorism. The ruling establishes guidelines for casino and games of chance sector and also includes lottery sales points, sports betting and the electronic lottery concessions.
According to the Ministry of Hacienda press release, the rules establish the criteria for these companies to consider in adopting their policies, controls and procedures so that they can identify, measure, control, mitigate and monitor their risks of money laundering. The resolution, signed by Hacienda Minister Donald Guerrero Ortiz, calls for its obligatory application in casinos, lottery sales points and electronic lottery concessionaires that are subject to Law 155-17.
The press release explains that the businesses are obliged to adopt, develop and carry out compliance programs to ensure the fulfillment of the liabilities with respect to the prevention of money laundering and terrorist financing, the designation of the strategies aiming to diminish or eliminate the risks that the customers, their operations and services may be exposed to. Operations of more than US$3,000 need to be monitored.
3 January 2018