The U.S. Congress began a series of hearings on Tuesday to consider ways to reform money laundering and illicit finance laws applied to casinos, as a president of a payments company argued the current system is broken and driven by perverse incentives.

“Our current anti-money laundering (AML) and countering the finance of terrorism (CTF) is inefficient [and] outdated,” Greg Baer, president of The Clearing House Association told the Senate Committee on Banking, Housing and Urban Affairs.

“Collectively, U.S. financial firms (including casinos) act as an intelligence gathering agency for law enforcement and national security, employing thousands of people and spending billions of dollars,” Baer told the 23-member committee.

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