Canada implementing robust countermeasures against casino money laundering - study

Prepared on behalf of the Gaming Security Professionals of Canada, the document outlines the facts around money laundering and details the preventative measures, controls and technology that the industry has in place to comply with federal anti-money laundering laws and deter casinos being targeted for money laundering.

The author reviewed the practices of the industry and notes:

"In order to prevent casinos from being targeted by criminals for money laundering, Canadian gambling jurisdictions have implemented robust countermeasures, including policies, procedures and training that allow for the detection and reporting of such transactions, which in turn deters criminals from using casinos for money laundering."

The Q&A provides an overview of the regulated gambling landscape across Canada, along with information about the checks and balances that are in place to mitigate against financial crimes.

The author finds that, to date, there are no known cases in Canada where a person has been convicted of a money laundering offence involving a casino.

The document concludes:

"Virtually every transaction at a casino in Canada is video recorded, making casinos one of the highest risk locations to potential money launderers. Canada's strict enforcement of anti-money laundering law ... the presence of security and surveillance personnel at casinos, and the inability of criminals to complete large financial transactions anonymously with cash, chips or by converting currency or electronic funds transfers, makes Canadian casinos unattractive to would-be money launderers."

Find further details on the Casinos & Money Laundering Q & A.