US gov't sends anti-money laundering message to casinos, financial institutions

The Department of Justice and FinCEN delivered a strong message to casinos and financial institutions at the Casino Essentials' 9th Annual AML Conference in Las Vegas.

"Make no mistake," said Deborah Conner, Principal Deputy Chief Asset Forfeiture Money Laundering Section, "DOJ will pursue criminal charges and penalties against any financial institution, including casinos and card clubs that willfully violate the Bank Secrecy Act." Conner added that compliance is fundamental to protecting the security and integrity of our financial system.

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The Bank Secrecy Act, or BSA, requires financial institutions including casinos in the United States to assist government agencies to detect and prevent money laundering

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More than 350 gaming executives, regulators and attorneys attended the annual conference in Las Vegas, developed by Casino Essentials in partnership with the Dowling Advisory Group (DAG).

"Our conference program provides a unique environment where casinos can openly discuss their compliance challenges as a community," said Mindy Letourneau, Managing Director, Casino Essentials. "Here participants interact directly with government regulators and federal law enforcement agencies to find solutions that can benefit the industry."

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The Financial Crimes Enforcement Network or FinCEN, which is the sole regulator for casinos and card clubs hopes the conference will dispel myths related to suspicious activity reporting in the casino industry

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"Identifying and understanding a customer's source of funds is not simply a 'best practice,' it is a regulatory expectation," said Tom Ott, Associate Director of Enforcement for FinCEN. Mr. Ott's delivered a clear message, stating that casinos and card clubs must file SARS on funds derived from illegal activity.

"At DAG, we continue to work diligently with our customers and the industry to develop procedures that identify source of funds," said Jim Dowling, Managing Director of Dowling Advisory Group. "Identifying the source of funds is critical to keeping illicit funds out of the casinos and ensuring our clients are not fined."