Banks are largely ignoring requests made by casinos under a confidential data-sharing program designed to combat illicit finance, according to sources.
Nevada state regulators will levy a monetary penalty and set conditions on Caesars Entertainment's gaming license as part of an anti-money laundering settlement, according to an individual with knowledge of the plan.
Ahead of the issuance of expected federal guidance, a top lobbying group for America's casinos Thursday outlined how the gaming industry should best shield itself from money launderers.
Federal officials are investigating four of Nevada's most well-known casinos for potential violations of the Bank Secrecy Act, according to sources familiar with the matter and a regulatory disclosure published Monday.
Egypt's ouster of Mohamed Mursi's government has indefinitely stalled plans to return looted Egyptian assets held in Swiss bank accounts, Liechtenstein has adopted a draft law that revises the nation's bilateral double taxation agreement with Austria, and more, in the midweek roundup.
Las Vegas Sands Corp. will pay the U.S. Justice Department $47.4 million to settle allegations that it failed to identify $58 million in suspicious wire transactions and cashier's checks.
Several of the largest casinos in Nevada are strengthening their Patriot Act controls in the wake of an investigation into Las Vegas Sands Corp. for insufficiently vetting risky clients.
Federal examiners have found anti-money laundering compliance problems related to customer due diligence and regulatory reporting at two large casinos in Las Vegas, according to individuals familiar with the matter.
The U.S. Treasury handed down a $250,000 civil money penalty against a small Minnesota tribal casino on Thursday for "extensive violations" of anti-money laundering rules over a three-year period.
Poor compliance efforts by gambling operations are translating into regulatory risks for the financial institutions that bank them, according to anti-money laundering consultants.
The expansion of the casino industry to new states throughout the U.S. increases the likelihood that gaming will grow as a vehicle for money laundering, particularly since the federal agency charged with its oversight is understaffed, according to law enforcement officials and former IRS auditors.