March 23, 2016
Anti-Money Laundering Processes At BC Casinos
In response to recent discussions about anti-money laundering processes at BC casinos, the BC Gaming Industry Association (BCGIA) is issuing a statement to provide information about current procedures. BCGIA is not able to comment on specific cases before the courts.
Gaming operators in BC work diligently with FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada), BC Lottery Corporation (BCLC), the Gaming Policy and Enforcement Branch (GPEB) of the provincial Ministry of Finance, and police agencies to ensure the implementation of effective anti-money laundering (AML) procedures at their properties.
All cash transactions of $10,000 or more and suspicious transactions of any amount are required to be reported to FINTRAC. Casinos must also complete a large cash disbursement report for any payout of $10,000 or more resulting from chip redemption, withdrawals from gaming accounts, payment of winnings and other similar transactions.
Casinos clearly brand or label the face of any cheque issued to a customer. If a customer purchases casino chips with a large amount of cash, plays for a short period of time and then asks to redeem chips for a generic casino cheque, the cheque will be branded as “return of funds – not gaming winnings”.
The cheque branding makes it clear that the funds were not derived from casino winnings and creates an audit trail for law enforcement when the cheque passes through the banking system. The attempted transaction and the identity of the individual are also reported to FINTRAC. Cheques are only issued for casino winnings if the win amount can be verified and these cheques are branded “verified win”.
“The members of the BC Gaming Industry Association strictly adhere to all gaming regulations pertaining to anti-money laundering procedures as mandated by FINTRAC, the Gaming Policy and Enforcement Branch and BC Lottery Corporation. Gaming operators are required to implement and comply with the same rigorous anti-money laundering programs and reporting policies as banks. Our members are strongly committed to continuing to prevent money laundering at their properties,” said Ernest Yee, Executive Director of the BC Gaming Industry Association.
A Fact Sheet with more information on anti-money laundering processes is attached.
About The BC Gaming Industry Association:
The BC Gaming Industry Association (BCGIA) represents 13 private sector gaming operators that manage 38 gaming properties and provide over 8,300 jobs in BC. BCGIA members manage casinos, community gaming centres, bingo and horse racing, as well as non-gaming amenities such as food and beverage facilities, show theatres, conference centres and hotels. BCGIA members generated over $1.7 billion in gaming revenue for BCLC in 2014/15. For more information about the BC Gaming Industry Association, please visit our website: bcgia.com.
BC Gaming Industry Association