Rolling the Dice: Casinos, Money Laundering and the Fifth Pillar

Featured Speakers :
WHEN : 09/13/2019 1:00 pm 2:00 pm

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.