Burden, or Benefit?
Topics: regulatory compliance, red flag rules, verification of ID, Title 31, counterfeit fraud, fraud prevention
Imagine for a moment you are a modern-day Al Capone. Through a combination of robbery, embezzlement and extortion you have amassed a good amount of ill-gotten gains which you now need to clean up – launder – to throw the G-men off your tail. How do you get rid of a mess of cash without losing it or drawing attention to yourself? Well, fortunately for you there is a casino close by that will serve perfectly for recycling all that dirty money. What could be easier than taking a couple of thousand in chips, gambling a few of them away and in short order returning to cash them out, walking away with a nice pile of new untraceable bills?
Of course it isn't that easy anymore. The U.S. has developed a comprehensive anti-money-laundering (AML) program, with Title 31 Bank Secrecy Act of 1970 central to government's efforts. The BSA requires financial institutions of all kinds, including casinos and “card clubs” with over $1 million in gaming revenue, to document any single-day transactions over $10,000, in addition to reporting “suspicious activity” of any amount.
Topics: Title 31, fraud prevention
This is the first in a series of articles discussing the challenges faced by casinos - regarding both compliance with regulatory requirements and prevention of losses resulting from fraudulent theft. At the conclusion of this series of articles, we will be hosting a Webinar on the topic of Title 31 Compliance and offering a free download of a "Best Practices in Casino Regulatory Compliance" whitepaper.
Topics: identity theft, regulatory compliance, Title 31, fraud prevention
