Fintrac Issues Stern Money-Laundering Warning to Canadian Casinos

OTTAWA – Financial watchdog group, the Financial Transactions and Reports Analysis Centre of Canada (Fintrac) has issued a new warning to casinos across Canada about a new method of money laundering.

Fintrac is asking casinos to closely monitor the use of money laundering through electronic bank transfers. This method of laundering money has recently come to light due to release of a report by former RCMP Mountie, Peter German, on the advancement in money laundering tactics.

Through this warning by Fintrac, they are asking Canadian casinos to be much more vigilant when it comes to verifying electronic cash sources. Fintrac has also provided casinos with a list of things to be vary of and potential red flags when it comes to electronic cash buy-ins.

One of the easiest red flags to spot, according to Fintrac, is if their profession is marked as “unemployed” but the financial activity in their account may suggest otherwise. If there are large amounts being deposited and withdrawn, it’s usually a very good sign that this is due to money-laundering activities. Another consistent red flag identified by Fintrac is if a customer is insistent on paying with a bank draft rather than conventional cash and debit/credit card methods.

About

James previously worked in one of Canada's largest casinos, River Rock Casino Resort, for over six years. He initially worked as a card dealer, then as a floor supervisor.