Canada announces regulation of bitcoin, digital currencies and Internet gambling sites under anti-money laundering laws

Tweet Federal government to regulate bitcoin and other digital currencies As was widely anticipated, the federal government announced today that it will amend federal legislation to require the regulation of digital currencies like bitcoin in order to eliminate the potential risks of digital currencies being used for terrorist financing and money laundering. Interestingly, the proposed […]

Part 2 – Macau casinos with junket operators face regulatory balancing act amid international money laundering concerns

Tweet Increased pressure on Macau’s casinos Macau is facing a delicate balancing act – how to satisfy mounting international demands to crack down on money laundering and other criminal activities in its $38 billion gambling industry, without killing the goose that lays the golden egg. Finding a way of regulating the junket operators, which bring […]

Caesars Entertainment under investigation for alleged anti-money laundering compliance failures

Tweet Anti-money laundering investigation Caesars Entertainment Corp. said today that FinCEN is investigating it for potential violations of the Bank Secrecy Act over anti-money laundering compliance issues. The statement was made in its filings with the Securities Exchange Commission. According to the statement, FinCEN is considering whether to assess a civil penalty or take enforcement […]

Part 1 – How casino junkets work in VIP gambling rooms, luring in whale gamblers from China and how Macau junkets are trying to polish their image

Tweet This article was originally published in Asia Gambling Brief.  Macau junket operators of casino VIP rooms working on image Some of Macau’s biggest junket operators — also known as VIP gambling promoters — are planning to exhibit at next month’s Macau Gaming Show in a sign this integral part of the local gaming scene […]

Las Vegas Sands agrees to pay $47 million to avoid money laundering prosecution

Tweet The U.S. Department of Justice (“DOJ“) announced that it has resolved its money laundering investigation into the Las Vegas Sands Corp. pursuant to which Sands will pay US$47 million to avoid criminal prosecution in connection with funds gambled by high rollers at its Venetian casino in Las Vegas. The DOJ was investigating Sands for failure to […]

Junket operators in Macau branching out in effort to improve reputation and diversify business but financial crime concerns remain

Tweet Junkets branching out According to this article by Reuters, traditional junket operators (also known as VIP gaming promoters) in Macau are branching out to diversify their businesses and improve their reputation. The largest junket operator, Suncity Group, is planning to open its own casino and has expanded into mining and iron ore operations in […]

Casinos and money laundering – a quick primer

Tweet Do Criminals Launder Money at Casinos? Media and enforcement agencies are awash with statistics intended to describe the extent of money laundering at casinos in Canada and elsewhere around the world.  Due to the ubiquitous nature of the activity, it is nearly impossible to produce accurate statistics on the extent in which this activity […]