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Casinos are also classified as cash-intensive businesses

In addition, casinos provide many financial services, including accounts, foreign exchange, etc. The rapid growth of the gambling industry is attracting attention for criminals to hide their unjust enrichment.

The money laundering issue appeared on the media and British Columbia gambling watchdog's radar screen, with Riverlock allegedly accepting C$13.5 million in $20 bills, a dubious cash deal involving unidentified cash in just a month, BC lottery company advised to step up anti-money laundering measures, and Attorney General David By released a report on Richmond's Rock Casino's money laundering activities last year.

The B.C. government has appointed Peter German as an independent expert to review anti-money laundering policies adopted by lower mainland casinos, Germany is tasked with making a series of recommendations to reform British Columbia's anti-money laundering system.

New anti-money laundering measures seeking more transparency
This Wednesday, it became clear that the B.C. government adopted new anti-money laundering measures in an attempt to curb questionable cash transactions at local land-based casinos. In general, the new rule is to increase transparency about large-scale cash transactions in casinos.

The new measure calls on all high-rollers who want to buy chips worth more than CA$10,000 within 24 hours at casinos in B.C. to identify their funding sources. The measure is valid for a variety of payment methods, including cash, bank notes, and certified checks.

If casino customers are not willing to provide the information they need or casino employees doubt it, they must refuse to trade and report it to government authorities, and the practice of money laundering through casinos in British Columbia is in the spotlight as a "vancouver model," including China's illegal banking network.

As much as it can be recovered, local governments have given BCLC more authority to impose fines and suspend licenses if necessary, which came as part of the province's crackdown on money laundering.
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Friday, March 8, 2024
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