The definitive guide to anti-money laundering compliance at casinos and regulated online gambling sites for casinos, investors, regulators, banks and players

Duhaime Law and the Gaming Security Professionals of Canada jointly published a Q&A on money laundering for casinos and online regulated poker websites, written by Christine Duhaime, BA, JD, CAMS. The Q&A is reproduced below. 1. Executive Summary Money laundering is a process in which so-called ‘dirty money’ from the proceeds of crime is transformed [...]

Internet operator of illegal online sports book in Toronto pleads guilty

A Toronto man accused of running the Internet services for Platinum Sport Book, an illegal sports betting ring that the RCMP believe is linked to the Mafia and the Hells Angels, pleaded guilty to being a booking in a criminal organization. Platinum Sports Book was a sophisticated online gambling website located partially offshore that solicited [...]

The Chinese Way – the impact of China’s anti-corruption campaign on trade-based money laundering and Macau casinos

Money Laundering Bulletin in the UK has a good article out today on the anti-corruption drive in China and its impact on the casinos in Macau, which explores the anti-money laundering lapses and lack of legislation in the gambling industry in Macau, and the corresponding increase of trade-based money laundering in China. Trade-based money laundering According [...]

Court in Canada says despite notice of surveillance, violent offender has expectation of privacy over texts in public casino

Expectation of privacy In an odd decision out of Canada, a provincial level Supreme Court has ruled that a violent offender gambling at a public casino has an expectation of privacy when using his cellular phone to text despite the fact that gamblers are notified of being under surveillance when entering casinos. The decision may [...]

US banks driving improved money laundering controls at casinos

Banks driving compliance changes By Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist Follow @cduhaime According to this story in Reuters, banks in the US are reluctantly driving American casinos towards greater anti-money laundering compliance. Casinos are bank clients and pursuant to anti-money laundering legislation, banks have to monitor their clients’ transactions for [...]

China takes steps to enforce anti-money laundering laws in Macau

According to this report, the People’s Bank of China has signed a Memorandum with the Monetary Authority of Macau to start to take steps to address money laundering in Macau’s casinos. The share price of casino companies operating in Macau fell on the news of the Memorandum. According to a recent survey of business people who operate and [...]

Vietnam improves its government anti-corruption and anti-money laundering supervision

By Christine Duhaime Follow @cduhaime Slowing Addressing Money Laundering Issues The Government of Vietnam, through its State Bank, announced late last week that it was improving its anti-money laundering and anti-corruption supervisory regime by implementing changes to the functions, responsibilities and structure of the Banking Supervision Agency (“BSA“). Effective August 1, 2014, a separate higher [...]

DYK on high rollers at Macau casinos

Here are some interesting facts on high roller gamblers who frequent Macau casinos: 90% of the gamblers in Macau are from China. 1% of players in Macau, the high rollers, account for 30% of annual gross gaming revenue. The economy of Macau is entirely dependent upon gambling, players from China and specifically, the high rollers [...]

Jackpot or not? Report says online gambling sites and Bitcoin facilitate money laundering but the Report has inaccuracies

Report incorrectly alleges that online gambling sites and Bitcoin facilitate money laundering by Christine Duhaime, BA, JD, Certified Financial Crime and Anti-Money Laundering Law Specialist Follow @cduhaime According to a report released by McAfee Labs, available here entitled “Jackpot! Money Laundering Through Online Gambling,” the global online gambling sector appears to be rife with money laundering [...]