Tag Archives: Money Laundering
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…
UK – Casino 36 hit with penalty package for responsibility breaches
Personal management licence holders at Casino 36, the operator of casinos in Stockport, Wolverhampton and Dudley, must undertake extra training as part of a £300,000 penalty package for money laundering and social responsibility failures. A Gambling Commission investigation revealed the operator had failed to ensure adequate customer Enhanced Due Diligence (EDD), Source of Funds (SOF)…
Uruguay – Anti-laundering fine set at US$2m for Uruguay’s casinos
Casinos in Uruguay that do not report suspicious transactions could be fined as much as up to US$2m, according to new regulations put in place by the National Anti-laundering Secretariat. Director of the division said that in Uruguay there are four participants that have a legal responsibility to report suspicious activity, two private casinos: Enjoy…
Sweden – Cosmopol appeals fine due to ‘absence of clear regulations’
Sweden’s state-owned casino group Casino Cosmopol has appealed against a fine issued by Swedish regulator Lotteriinspektionen for breaching money laundering laws. Regulator Lotteriinspektionen fined Cosmopol SEK8m (€780,200) for what it called ‘serious shortcomings’ but executives at the casino operator have since claimed it was unfair to penalise financially whilst no clear regulation was in place…
Sweden – Casino Cosmopol fined for breaching money laundering laws
Sweden’s state-owned casino operator Casino Cosmopol has been fined SEK8m (€780,200) by national regulator Lotteriinspektionen for what it called ‘serious shortcomings’ regarding laws on money laundering. In its ruling, Lotteriinspektionen said Casino Cosmopol, who operates four casinos in Sweden, could have been used for money laundering activities over a period of seven months from January…
UK – Park Lane Club’s owner under investigation in Ukraine
Park Lane Club, one of London’s most prestigious casinos, has had a licence review forced on it by the Gambling Commission, following the Ukrainian Prosecutor General’s Office’s seizure of its owner Silverbond Enterprises’ assets in a Ukrainian money laundering scandal. The casino is owned by Latvian businessman Vasilijs Melniks through his Silverbond Enterprises company whose…
Dominican Republic – New certification programme to combat money laundering in Dominican Republic
The Association of Commercial Banks (ABA) has reported that it has introduced the first Certified Anti-Money Laundering Certification focused on casinos and other gambling companies. The programme is part of its policy of establishing a training program focused on the specific needs of those companies now obligated to meet certain requirements under the new Law…
Argentina – Argentinean casino accused of laundering US$10m to finance Hezbollah
The Argentine government has frozen assets and money belonging to members of an organisation presumed to have ties to the Shiite terrorist organisation Hezbollah, following a manoeuvre to launder $10m in a casino in the town of Iguazú, in the area known as the Triple Frontier region, between Argentina, Brazil and Paraguay. Authorities discovered that…
