British Columbia casinos ready to tackle money laundering

Anti-money laundering processes are in full effect at British Columbia casinos and they are working closely with the authorities to prevent this activity.

Canada.- British Columbia gambling facilities are taking very seriously its fight against money laundering. They are working closely with the government and following anti-money laundering processes inside out.

A great example of best practices is the way B.C. casinos manages their cheque payments: if a casino customer buys chips with a large amount of cash and wants to redeem them for a generic casino cheque soon after, that cheque would be branded “return of funds – not gaming winnings.” The branding clarifies the money does not come from casino winnings and creates an audit trail for police when the cheque goes into the banking system. This is a simple way to deter people from trying to “clean” their money at the casino. Cheques issued for casino winnings would be branded “verified win.”

Transactions of CD10,000 (US$7,500) or over and suspicious transactions of any amount are reported to FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada.) In addition, casinos have to complete a special report if they payout CD10,000 (US$7,500) when people redeem their chips, cash out their casino account or win big. In the event of people attempting to exchange money into chips and then into a casino cheque, their identity is reported to FINTRAC.

In the Canadian province, gaming companies work with FINTRAC, BC Lottery Corporation (BCLC), the Gaming Policy and Enforcement Branch (GPEB) of the provincial Ministry of Finance and police forces to prevent money laundering from happening in their properties.

The BC Gaming Industry Association (BCGIA) represents 13 private sector gaming operators that manage 38 gaming properties in British Columbia including casinos, community gaming centres, bingo and horse racing. Ernest Yee, Executive Director of the Association stated: “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.”