Money laundering is a complex and ever-evolving issue that affects many sectors of the economy, and one that BCLC closely monitors as part of our commitment to safeguarding B.C. casinos from illegal activity.
We continuously update our Anti-Money Laundering program – which is multi-layered and involves close collaboration with a network of other organizations, which have specific responsibilities.
Curious to learn more? Below are five key facts about our approach.
1. Anyone who tries to buy-in at a B.C. casino with $10,000 or more in cash must prove where the funds came from before they can do so. In fact, casinos can ask anyone to provide the source of their funds, regardless of amount.
2. In B.C. we prevent casino cheques from contributing to money laundering. Casinos must clearly label all cheques as “return of funds – not gaming winnings” or as “verified win” to prevent people from buying-in with large amounts of cash, playing nominally and cashing out with a generic casino cheque.
Did you know that we engaged an independent analysis about how and when River Rock Casino issued cheques in 2014-16 to make sure these safeguards were working? Read the full independent analysis that shows no systemic pattern of money-laundering activity.
3. BCLC monitors, controls and reports suspicious transactions of any amount in casinos, including the exchange of small-denomination bills for large-denomination bills and casino chips between patrons.
4. We have an Information Sharing Agreement with police to support us in identifying and proactively banning anyone whose presence in casinos is undesirable. This includes those suspected of criminal activity, believed to be a public safety risk or members of organized crime groups. Since we established this agreement in 2014, we have barred more than 450 of these individuals from casinos.
5. BCLC has a dedicated Anti-Money Laundering Unit staffed with internationally certified investigators and intelligence analysts. We also require anti-money laundering training to ensure that casino employees know how to identify, to report and to help prevent money laundering.