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Tag Archives: Money Laundering

UK – Buzz Group fined after breaching money laundering laws

Buzz Group, which operates buzzbingo.com, must pay a £780,000 fine after a Commission investigation revealed social responsibility and money laundering failures. It has also received a formal warning for the failures which occurred between October 2019 and December 2020. Social responsibility failures included not sufficiently identifying at-risk players as financial triggers were set too high….

Australia – NSW Crime Commission launches money laundering inquiry into pubs and clubs

The Commissioner of the NSW Crime Commission, Michael Barnes, has invited submissions to the Commission’s inquiry into money laundering in pubs and clubs. “Working with the NSW Independent Liquor & Gaming Authority and the Australian Criminal Intelligence Commission, we’ve established that last year $85 billion was gambled in poker machines in pubs and clubs in…

Australia – The Star loses $1bn in value as media scrutiny turns to its money laundering failures

Australian casino group Star Entertainment saw its shares fall by 22.9 per cent, taking nearly $1bn off the company’s market value, following a TV report by 60 Minutes and news paper articles in The Sydney Morning Herald and The Age, claiming Star allowed money laundering by organised crime at its Sydney and Gold Coast casinos….

Australia – Austrac launches money laundering investigation in Perth, Sydney and Adelaide

More controversy looks to be heading to the casino sector in Australia where the Australian Transaction Reports and Analysis Centre (Austrac) has contacted three of the major operators over potential money laundering breaches. Austrac has contacted Crown Resorts, Star Entertainment Group and SkyCity Entertainment Group over breaches of Anti-Money Laundering laws at casinos in Perth,…

The Netherlands – KSA amends money laundering guidelines ahead of online launch

The Dutch Gaming Authority KSA has amended the Wwft Guideline with a view to the entry into force of the Remote Gaming Act (Koa) on April 1 2021. The Act on the Prevention of Money Laundering and Terrorist Financing (Wwft) will also apply to providers of online games of chance. Currently, the provisions in the…

Singapore – Investigation at Marina Bay Sands could send VIPs to rival

Las Vegas Sands’ Singapore casino Marina Bay Sands is being investigated by the US Department of Justice (DOJ) for potentially breaching anti-money laundering laws. The DOJ has reportedly issued a subpoena to a former MBS compliance chief to provide documents and any other information related to the accounts of VIP players. The investigation concerns junkets…

UK – Caesars facing £13m fine in the UK as three senior managers lose their licences

The Gambling Commission has announced that Caesars Entertainment UK Limited is to pay £13m and must implement a series of improvements following a catalogue of social responsibility, money laundering and customer interaction failures including those involving ‘VIPs’. As a result of this investigation three senior managers at the company surrendered their personal licences. The regulator’s…

US – AGA releases Best Practices for Anti-Money Laundering (AML) Compliance

The American Gaming Association (AGA) has released updated Best Practices for Anti-Money Laundering (AML) Compliance , which reflect the industry’s leading commitment to compliance and guide casinos’ efforts to protect the US financial system from money laundering and other forms of illicit finance. In 2014, gaming became the first industry to collectively establish a comprehensive…

UK – Betfred fined £322,000 for money laundering failures

Online gambling operator Petfre (Gibraltar) Limited, trading as Betfred, will pay £322,000 for money laundering failures following an investigation by the Gambling Commission. The investigation revealed the operator failed to carry out adequate source of funds checks on a customer who deposited £210,000, and lost £140,000, of stolen money in a 12-day period in November…