Canada warns casinos about money laundering

The anti-money laundering agency in Canada has warned casinos about the latest method that criminals use to disguise dirty money: bank drafts.

Canada.- The gaming industry must be on alert at all times to prevent money laundering. That’s why the authorities try to keep track of the latest methods of disguising dirty money.

For that matter, the anti-money laundering agency in Canada has warned casinos about the hottest trend. According to the body, they must carefully check customers that pay with bank drafts.

The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) issued an operational alert. It said that cash is no more for illicit transactions and warned about the new method.

Fintrac works with banks, insurance companies, securities dealers, money service businesses, real estate brokers and others to prevent illicit transactions. The body has issued a warning for Canada casinos that goes in line with the 2,276 pieces of intelligence it disclosed to police and security last year.

Casino revenue

Recent figures for BC casinos seem to be less promising than in the recent past. According to the latest reports, revenue at its largest casinos fell an average of 0.1% in 2018 from 2017. Five years ago, it grew 4.4% over a year, the Business in Vancouver’s Biggest Casinos and Bingo Halls in B.C. list shows.

However, average revenue went up 7.5% in five years, from €54.4 million to €58.4 million. Slots have pushed such growth, making up 79.1% of the revenue in 2018, while table games reached 20.3%.

River Rock Casino led revenue among BC casinos with €221 million in 2018. However, that means it went down 22.9% from its €286 million in 2014.