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Fraud Prevention Blog

Title 31 - Strategy for Casino Fraud Prevention & Regulatory Compliance

Posted by Sean Trundy on Mon, Jun 14, 2010 @ 04:40 AM

Burden, or Benefit?

Topics: regulatory compliance, red flag rules, verification of ID, Title 31, counterfeit fraud, fraud prevention

Despite Bank Secrecy Act, Casinos Face Risks From Money Laundering

Posted by Gary Satanovsky on Mon, Jun 07, 2010 @ 01:07 PM

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

Title 31: Compliance Challenges For Casinos

Posted by Sean Trundy on Tue, Jun 01, 2010 @ 08:17 AM

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