BCLC Continues Anti-Money Laundering Program Enhancements 6 of 11 Recommendations Complete from Independent Review09/04/2019
BCLC has completed 6 of 11 recommendations for which it is responsible from Dr. Peter German’s 2018 independent review of Anti-Money Laundering (AML) policies and practices in Lower Mainland casinos.
BCLC continues to actively work with the Government, including the Deputy Minister Committee on AML, the AML secretariat, the Gaming Policy and Enforcement Branch and others to address recommendations set out in the independent review.
On January 10, 2018, BCLC implemented Dr. German’s interim recommendation by extending the procedures requiring Service Providers to gather detailed information on the source of player funds for all transactions of $10,000 or more. This includes the requirement for customers to provide evidence of the source of their buy-in funds.
BCLC has also completed Recommendations 4, 16, 17, 18 and 21:
- Recommendation 4: That BCLC re-enforce the importance of Service Providers not accepting cash or other reportable instruments if they are not satisfied with a source of funds declaration.
- Recommendation 16: That BCLC not engage in further undercover operations, except in conjunction with the Regulator and/or the police.
- Recommendation 17: That no further expense be incurred by BCLC with respect to the SAS AML software system.
- Recommendation 18: That BCLC ensure VIP hosts do not handle cash or chips.
- Recommendation 21: That cash limits not be imposed on buy-ins.
Work is underway to address all remaining recommendations, including those related to regulatory reporting efficiencies. As the organization entrusted to conduct and manage commercial gambling in B.C., BCLC is committed to protecting our industry and earning the trust of the people and communities of B.C. through ongoing analysis and enhancement of our anti-money laundering program.