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.
The U.K. Gambling Commission may have called on firms last month to improve their anti-money laundering controls, but the concerns over how best to do that are not new to the nation's gaming sector.
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.
A Northern Mariana Islands casino will forfeit approximately $3 million to the U.S. Justice Department under the terms of a deal reached Thursday that will spare the gambling operation criminal charges.
The U.S. Treasury Department imposed a $75 million fine Wednesday against a casino in the Northern Mariana Islands, less than a year after banning its former VIP services manager over related infractions.
Leaders of a senate panel Wednesday called for stronger oversight of online gaming to reverse the effects of a 2011 U.S. Justice Department memorandum that loosened restrictions on the industry.
Two of the world's largest online poker Web sites will forfeit $547 million to settle U.S. Justice Department allegations that they violated anti-gambling laws and deceived financial institutions into processing their payments.
A U.S. Justice Department memorandum clearing the way for online gaming may exacerbate compliance woes for banks operating under a 2006 anti-gambling law, say attorneys and industry groups.
As some states inch toward legalizing online gambling, they are unlikely to get much cooperation from financial institutions concerned that they'll be held liable for processing even legal bets, say analysts.
Undercover investigators, acting as a phony payment processor, used U.S. bank accounts to see how offshore gambling operations transacted more than $30 million with their American clients, according to federal prosecutors.
The U.S. Justice Department is seeking $3 billion in forfeitures and fines from three of the largest online gambling businesses and the financial institutions and individuals that helped to process bets.
U.S. banks are still fine tuning policies on when to report suspicious activity and reject transactions tied to online gambling after the passing of a June 1 enforcement deadline.
An online gambling ban that requires banks to monitor for illegal transactions is unlikely to be overturned before a June 1 enforcement deadline, despite congressional efforts to repeal the law.
U.S. Justice Department cases tied to a controversial ban on online gambling will likely complicate congressional efforts to overturn the law before a June enforcement deadline, say government officials and consultants.
Partisan bickering and a backlog of legislation are stymieing congressional attempts to overturn a controversial ban on online gambling before a June enforcement deadline, according to analysts.
The federal ban on processing transactions tied to Internet gambling will likely be overturned at some point, but lawmakers have yet to address how to best mitigate related money laundering risks, according to a former IRS agent who recently testified before U.S. lawmakers.
Proposed federal banking regulations targeting online gambling will force banks and other financial institutions to rethink their customer due diligence procedures, AML consultants say
Canadian payments company ESI Entertainment Systems Inc. will forfeit $9 million in a deferred prosecution agreement with the U.S. Justice Department for its role in helping to launder proceeds from an illegal gambling operation.
Federal law prohibits banks and other financial institutions from "knowingly" accepting funds from Internet gambling operations. But the law is not clear about what constitutes knowingly accepting funds, observers say.
In testimony before the House Financial Services Committee, online payment processors, data security professionals and other experts called for the licensing of Internet gambling businesses but could not agree on whether current technology can successfully verify the identities of online bettors.