Rolling the Dice: Casinos, Money Laundering and the Fifth Pillar
Featured Speakers :
Robert Ashton has been employed at the Jackson Rancheria Casino and Resort, in Jackson, California for over 14 years. A self-described “compliance nerd,” Robert is currently the Tribal Gaming Agency Manager where he plans, directs, and coordinates gaming operations in the casino and oversees all anti-money laundering efforts.
Jeremy Kuester is a counsel in the Washington, DC office of White & Case LLP, as a member of the Global Financial Institutions Advisory practice. He has extensive experience with Bank Secrecy Act (BSA) regulations, legislation, compliance, and policy. His practice includes matters involving the laws and regulations involving anti-money laundering and financial intelligence, including how they intersect with developments in technology. Before joining White & Case, Jeremy was the Deputy Associate Director for the Policy Division at the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department that serves as the administrator and lead regulator of the Bank Secrecy Act (BSA). During his tenure there, he oversaw a number of BSA policies, including the promulgation of guidance on the May 2016 Customer Due Diligence Rule.
Gina Scialabba Jurva, Manager, Thought Leadership, Thomson Reuters Legal Executive Institute Gina (Scialabba) Jurva, Esq., is an attorney and Manager, Thought Leadership for Enterprise Content – Corporates & Government for the Thomson Reuters Legal Executive Institute. Gina works on solutions to some of the world’s most pressing fraud issues including anti-money laundering (AML), e-commerce fraud, and government fraud, in addition to risk and regulatory compliance. In previous roles at Thomson Reuters, Gina worked as the Manager for the Risk & Compliance platform. She was also a Senior Legal Writer and Editor. Additionally, she spent a combined 11 years as a deputy district attorney handling both misdemeanor and felony cases and later, her own legal practice defending clients in criminal matters.
Complimentary Webinar, Presented Courtesy of Thomson Reuters
Among non-bank financial institutions, casinos are on the front lines of money laundering investigations. It’s easy to see why. A casino’s clientele, especially for operators based in cities, vacation spots, or near interstate highways, can be transient. Gaming is still greatly a cash business, one where it’s not unusual for a customer to exchange thousands of dollars in a single visit.
Since 1985, casinos have been defined as “financial institutions” under the Bank Secrecy Act (BSA). This means they must file CTRs whenever a customer brings in or takes away more than $10,000 in currency within a 24-hour period. And casinos also need to make a SARs filing whenever they have suspicions about a transaction.
But will casinos eventually need to comply with the “fifth pillar” of customer due diligence and beneficial ownership information?
In this webinar, experts give their perspectives on the state of play for the casino business, explore how the industry is evolving, and provide insights for financial institutions that work with casinos.
Attendees will learn:
- An overview of how casinos can be used by financial fraudsters to mask criminal proceeds as revenue from legitimate enterprises;
- The current regulatory environment from the U.S. Department of Justice and FinCEN and how that is evolving;
- Best practices and industry standards for casinos and financial institutions to combat potential money laundering violations.
This webinar is eligible for 1 CFCS credit. A recording of the presentation, slides, and certificate of participation will be available for ACFCS members only.