Strong anti money laundering measures in Canadian casinos

The casinos have strong safeguards in place in order to prevent and fight money laundering activities.

Canada.- According to the international anti-money laundering expert Christine Duhaime, the North American country has robust anti-money laundering measures that allow them to fight the illegal activity. The document that was prepared on behalf of the Gaming Security Professionals of Canada highlights the controls and technology that the industry has placed to collaborate with federal anti-money laundering laws in order to stop casinos from being targeted.

“In order to prevent casinos from being targeted by criminals for money laundering, Canadian gambling jurisdictions have implemented robust countermeasures, including policies, procedures and training that allow for the detection and reporting of such transactions, which in turn deters criminals from using casinos for money laundering.”

There are currently no cases in Canada where someone has been convicted for a money laundering offense involving a casino. Duhaime said that virtually every transaction at a casino in Canada is video recorded, making casinos one of the highest risk locations to potential money launderers.

“Canada’s strict enforcement of anti-money laundering law, the presence of security and surveillance personnel at casinos, and the inability of criminals to complete large financial transactions anonymously with cash, chips or by converting currency or electronic funds transfers, makes Canadian casinos unattractive to would-be money launderers,” she added.