Casino Money Laundering
- Exclusive: Money laundering flowing through back door channels in B.C. Casinos – Jan 28, 2019 Previously, official money laundering estimates in B.C.’s casino scandal have focused on loan sharks.
- NSW's gaming regulator bans Crown Resorts from opening its $2.2 billion Barangaroo casino next month, after the company admitted money laundering had likely occurred through some of its VIP accounts.
- New anti-money laundering provisions relating to casinos were brought in by the Money Laundering Regulations 2017 (MLR 2017) on 26 June 2017. A key change is that all casino operators, both remote.
- Las Vegas Casino Money Laundering
- Casino Money Laundering Scheme
- Casino Money Laundering Schemes
- Casino Money Laundering Red Flags
- Casino Money Laundering
It highlights the anti-money laundering (“AML”) challenges faced by a predominantly cashed-based industry, and also underscores the systemic issues that have made B.C.’s gaming industry an alleged breeding ground for money laundering: a dysfunctional, fragmented regulatory regime that lacks independence.
Is your casino operating in the European Union or in one of the OECD Country?
Most of OECD Countries, including EU, USA, Canada, and Australia have adopted Anti Money Laundering Law.
Las Vegas Casino Money Laundering
European Union IV Directive EU 2015/849 about the prevention of the use of the financial system for the purposes of money laundering introduced an incumbent compliance requirement and very soon all National Governments of EU Countries will adopt a National Law to enforce European Union Directive and therefore all casinos must be compliant to AML Law.
Having a robust AML strategy and procedure and/or better installing a technological integrated system to detect and prevent Money Laundering illegal activities, methods and techniques will soon become critical for all Gambling Services Providers, including Casinos. Failure to comply could leave your business exposed to significant financial and administrative sanctions.
GTI Gaming is therefore pleased and proud to announce and inform all casinos owners and executives that GTI designed, implemented and developed specific AML functions and features of its Casino CIMS System, in order to be fully equipped to ensure that all reasonable steps are taken to prevent, detect and report suspicious activity relating to money laundering, terrorist financing, and other financial crimes and to comply with the upcoming IV EU AML Directive, over all the other well known functions and features offered by GTI system.
Casino CIMS System 2.0 – AML compliance menu: features and functions
Player identification
Player casino chips transaction tracking and reporting
Player suspicious transaction alert and reporting
If you wish to know more about please contact us.
© Provided by The Canadian PressVANCOUVER — A former RCMP officer 'ruffled some feathers' at the Great Canadian Casinos following an investigation of a loan shark at British Columbia's largest casino, an inquiry into money laundering heard Friday.
Tom Robertson, a former investigator with the Gaming Policy and Enforcement Branch, told the inquiry he sent an email in 2005 to one of his supervisors after he investigated a person believed to be a loan shark at the River Rock Casino.
Although there were no charges laid, Robertson testified he came to understand from casino officials that such an investigation in legal gambling venues was not part of the mandate of the enforcement branch.
'My decision appears to have possibly ruffled some feathers with a representative of the Great Canadian Casinos,' said Robertson's email, which was read out to the inquiry.
Kyle McCleery, a B.C. government lawyer, asked Robertson how he came to believe that he had displeased the official.
'I believe when my investigators went to the casino there was some pushback as far as our getting involved,' he said of the investigation into the loan shark.
McCleery asked Robertson if he was told by his supervisor that investigations into money laundering in the legal casinos was not part of the mandate of his branch.
'I don't specifically recall him expressing that, but that's clearly what I said at the time,' he replied.
Robertson said in the email he was told his investigations were to be conducted on illegal gaming venues, not in legal venues such as the River Rock.
He told Ashley Gardner, a government of Canada lawyer, that he believed the gaming enforcement branch did not have the capacity to take on money laundering or investigations of casinos.
'You have an understanding of what some of the complexities of investigating money laundering or proceeds of crime investigations might be?' she asked.
Robertson said they would include identifying the source of the funds and the criminal activity that created them, which would take considerable time and resources.
The inquiry was called by the provincial government after reports outlined how money laundering in the province helped to fuel the real estate, luxury vehicle and gambling sectors.
Casino Money Laundering Scheme
Earlier Friday, a former RCMP officer told the inquiry into money laundering that there was 'tangible tension' between the two B.C. policing teams working to prevent illegal gaming in the province.
Casino Money Laundering Schemes
Fred Pinnock, who was in charge of the now-defunct illegal gaming enforcement team, testified that he felt the RCMP needed to have an increased police presence in casinos and racetracks, but the suggestion wasn't 'warmly received.'
Pinnock told the inquiry this week that his team had been working in partnership with the Gaming Policy and Enforcement Branch, but he had to move his staff to a different area of the building because of the rising tensions between the two groups.
He told the inquiry this week his RCMP superiors' expectations in working with the branch were to 'play nicely, get along,' because they didn't expect big things from his team.
Pinnock retired from the RCMP in 2008 and the illegal gaming enforcement team was disbanded the following year.
Casino Money Laundering Red Flags
McCleery asked Robertson whether he was told by anyone in government that the presence of RCMP in casinos would present a 'bad image and shake public confidence' in legal gaming in the province.
'I do recall some discussion, but (I'm) not sure who with,' Robertson replied.
This report by The Canadian Press was first published Nov. 6, 2020.
Casino Money Laundering
Hina Alam, The Canadian Press