Canada B.C. casino didn't always fulfil reporting rules for cash buy-ins, inquiry hears

02:15  31 october  2020
02:15  31 october  2020 Source:   msn.com

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On Thursday, the Cullen Commission heard testimony from the BCLC's former director of anti-money laundering and investigations, John Karlovcec, about attempts to address problems at the River Rock Casino concerning the filing of suspicious transaction reports .

The inquiry also heard an integrated illegal gaming enforcement team was established in 2003, including Mounties and B . C .'s gaming policy and The B . C . Lottery Corp. did not have the authority to dictate how much or in what form casinos could accept money as buy - ins for gaming, Friesen added.

VANCOUVER — The inquiry into money laundering has heard British Columbia's largest casino didn't always comply with reporting requirements on large cash buy-ins as suspicious transactions became increasingly common a decade ago.

a man wearing a suit and tie © Provided by The Canadian Press

John Karlovcec, the former director of anti-money laundering and investigations for the B.C. Lottery Corp., agreed under questioning the River Rock Casino hadn't reported two cash buy-ins of $450,000, one of which was made in $20 bills that would have triggered bank scrutiny.

The former Mountie also agreed that River Rock and other gaming service providers may have resisted anti-money laundering measures in case they offend high-rolling patrons.

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A casino has a number of built-in advantages that insure it, and not the players overall, will always come out a winner in the end. These advantages, known as the "house edge," represent the average goss profit the casino expects to make from each game.

Always be sure to print out a copy of the terms and conditions of the offers you accept so that you can refer You’ll have to set up your own Bitcoin wallets and find exchanges where you can buy and sell the The casinos don’ t help much with any of that. Casinos place these limits to manage cash flow.

He says the lottery corporation's primary focus was to make sure casinos reported suspicious cash transactions to Fintrac, Canada's financial transactions reporting centre.

Karlovcec testified the corporation didn't have the authority to demand a casino refuse cash or to investigate whether cash was the proceeds of a crime.

The B.C. government launched the inquiry after reports linked laundered money with gaming, luxury car sales and soaring real estate prices in the province.

Karlovcec said the lottery corporation has taken "huge steps" to combat money laundering and greater collaboration with police and B.C.'s gaming and enforcement policy branch would also help combat the problem.

This report by The Canadian Press was first published Oct. 30, 2020.

The Canadian Press

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usr: 5
This is interesting!