The Treasury Department’s Financial Crimes Enforcement Network is ramping up anti-money laundering enforcement efforts with new investigations and firm speeches. The casino industry is advised to adjust compliance structures accordingly. Partners Gregory Baldwin and Kathleen Nilles discussed the crackdown on casinos with Law360.
“Casinos have come to FinCEN’s attention. They have been regulating casinos for decades, but the attention from FinCEN is new,” Mr. Baldwin said.
Casinos must improve on reporting issues arising from suspicious activities with cash and the subsequent investigations. “Obviously, you can’t know everything, but there are often telltale clues ... [such as] suspicious wire transfers from foreign jurisdictions,” Ms. Nilles said.
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