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About anomalous cash transactions at Richmond's RiverRockCasino

Canada's financial regulator plans to scrutinize the report to review stricter anti-money laundering measures. The Center for Financial Transactions and Reports Analysis (FINTRAC) found that more than half of River Rock casino workers lacked the necessary knowledge of money laundering indicators. As a result, Canada's financial watchdog has announced that it is hunting for suspicious money transactions at a British Columbia (BC) gambling house.

Shocking revelations came out this week. The newly elected BC state government uncovered a pending casino report last year, which shows some suspicious money transactions. The report in question was kept secret from the previous Liberal government, withholding the casino report for over a year. Attorney General David Evey says the previous government should have published the report because it raises concerns about illegal cash. The state of BC can also address the problem by keeping an eye on it, and improve anti-money laundering schemes, it added.

Casino report, it opens your eyes
The report found that in July 2015, River Rock Casino Resort received about $13.5 million in $20 bills. In addition, the report claimed that employees of River Rock Casino showed no concern at all that Asian VIP customers at the casino were buying large amounts of chips, paying only $20 bills. A few years ago, police warned that the $20 bill was the most used by drug dealers. Nevertheless, casino workers didn't care that a number of rolls featuring $20 bills entered the River Rock Casino. FINTRAC explained that nearly 80% of casino employees lack the necessary knowledge of questionable money trading indicators. Mr. Ebbi announced that if the casino tried to comply with anti-money laundering measures or did not take any action, it would also investigate financial experts.

It was ostensibly revealed that FINTRAC sent a letter to the British Columbia Lottery Company (BCLC) warning of River Rock's weakness. FINTRAC's letter was even swept under the carpet with the casino report.

The British Columbia casino recalls the BCLC, which is responsible for notifying the national financial watchdog first, rather than submitting suspicious money transaction reports directly to FINTRAC. Recalling the past, this is not the first time FINTRAC has warned BCLC about its supervised game operations. In 2010, BCLC was fined $670,000 for failing to function properly. All these mistakes could have more than a negative impact on BCLC, as the BC government has announced it will also reconsider the "financial responsibility" of lottery companies.
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Monday, March 18, 2024
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