The U.S. Treasury Department on Tuesday imposed a $1 million civil money penalty on a Las Vegas casino believed to have willfully skirted its obligations to identify and report financial crime. The senior managers of Sparks Nugget, Inc. consistently denied requests by the company's only anti-money laundering (AML) officer to report suspicious activity to the department's Financial Crimes Enforcement Network (FinCEN) and asked the compliance staffer to stop speaking to IRS examiners during an onsite visit in 2010, according to the bureau. During the same examination, Sparks Nugget representatives told IRS officials that there was no need to investigate suspect...
The U.S. gaming sector's string of recent compliance penalties have prompted many casinos to rethink how they implement anti-money laundering controls, according to Kim McCabe, founder of Henderson, NV-based consultancy KMC, LLC.
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