High Stakes Casino Audit

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High Stakes Casino Audit

A recent casino audit revealed real estate agents, students and housewives make up a large portion of high stake gamblers.

The reason for the casino audit was to identify new patterns linked to money laundering and organised crime. Instead, the results revealed unusual and peculiar information which should have been red flagged by the casino.

At the centre of the anti-money laundering measures is British Columbia Attorney General, David Eby. Eby released the report of money laundering at the River Rock Casino and the results of the casino audit.

Casino Audit

Red flags

  • At the top of the list of high-rollers are gamblers who reported income from firms based in China.
  • Gamblers from the real estate sector made up the most common occupation; spending more than CA$42.5 million in 2015.
  • What alarmed officials next is the sixth largest group, which is made up of students and housewives.
  • According to the casino audit, housewives placed bets over CA$11.2 million and students CA$1.84 million.

In light of the above findings, Eby said: “The conspicuous thing about housewives and students is that these groups of people don’t have any source of income.” He added, “It’s incomprehensible to me why that didn’t result in further investigative work, and attempts to ensure that people demonstrate where they got the money from”.

Casino Audit

River Rock Casino

The Casino in question is none other than Richmond’s River Rock Casino. The casino made headlines in September last year for alleged money laundering and anti-money laundering breaches.

Despite the casino releasing a statement in October 2016 saying that their records are clean; a private investigation was conducted. Initially, the stories surrounded high-rolling gamblers from China. Coincidentally, the casino audit records the largest wagers, close to CA$1 million each, from individuals that are employed by firms in China.

Due to the firms based in China, it was difficult to determine whether the firms legitimately generate revenue. In Addition, if that revenue that would permit the gamblers to bet such large sums.

Casino Audit Shows the Way Forward

Casinos in the Canadian state of British Columbia will now need to follow instructions set out by FinCen. The first and most important directive is that gamblers depositing large sums of cash or bonds need to submit a declaration stating their source of funds.

When it comes to online gambling, some casino operators will request such declarations too; therefore we recommend you read the terms and conditions found on the banking pages of the best online casinos in Canada.