Monitoring Underway to Ensure Integrity of Source of Funds Reporting. BCLC is taking action to ensure that its Casino Service Providers are completely and accurately recording information regarding the source of players’ funds as part of its commitment to the prevention of money-laundering activities in B.C. casinos
BCLC has engaged a third-party auditor to undertake independent monitoring at B.C.’s three busiest casinos to support their compliance with BCLC’s Source of Funds declaration requirements, implemented in January 2018 following an interim recommendation from Dr. Peter German as part of his independent review of B.C.’s anti-money laundering policies and practices in Lower Mainland casinos.
“As an industry, we are actively engaged and committed to continually improving the anti-money laundering practices in B.C. casinos to stay current with an ever-changing challenge,” said Jim Lightbody, President and CEO, BCLC. “For instance, it is essential that BCLC work together with our casino service providers to ensure that source of funds declarations completely and accurately record the necessary information as one means to help keep dirty money out of B.C. casinos.”
BCLC’s initial monitoring of its Service Providers’ compliance with source of funds declaration requirements determined the need for the additional third-party oversight. As such, additional monitoring at River Rock Casino Resort, Grand Villa Casino and Parq Vancouver is underway to ensure that registered gaming workers are consistently and completely accurate in gathering detailed information on the source of player funds for all transactions of $10,000 or more. This additional monitoring will continue until BCLC is satisfied that its service providers are fully compliant.
In addition to third party monitoring, BCLC is also working with B.C.’s gambling regulator, the Gaming Policy and Enforcement Branch (GPEB), which is auditing the overall source of funds process. BCLC will continue to work in collaboration with the regulator to support ongoing monitoring and success of the policy.
Effective January 10, 2018, all cash and bank draft / certified cheque buy-ins for $10,000 or more, in one or more transactions within a 24-hour period, require a source of funds declaration. The declaration must include the financial institution, branch number and account number related to the buy-in as well as the customer’s signature. Depending on the circumstances, customers may also be required to provide supporting banking documentation. This information is required before a customer is allowed to buy in.
The registered gaming worker conducting the transaction at the cash cage is also required to certify that he or she received a source of funds declaration directly from the customer, and completely and accurately recorded that information. If a customer does not provide the required information, provides information that raises concern or refuses to sign the source of funds declaration, the Service Provider must refuse the transaction, document the refusal, and notify BCLC and GPEB, which will trigger further inquiries and could result in a police investigation.