Status Report of Dr. Peter German's Recommendations

To date, BCLC has addressed the majority of recommendations for which it is responsible from Dr. Peter German’s 2018 independent review of Anti-Money Laundering policies and practices in Lower Mainland casinos.

Rec. #

Description

Status

3

That BCLC, in conjunction with the Regulator and Service Providers, review the present Source of Funds Declaration on at least an annual basis to determine if refinements are required.

 

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.

 

7

That BCLC provide Corporate Suspicious Transaction Reports (STRs) if its files contain relevant information not contained within an STR from a Service Provider. *

Underway

10

That the Regulator / Designated Policing Unit be provided with access to iTRAK in its offices.

Substantially complete

11a

That Unusual Financial Transaction (UFT) reports be eliminated. *

Dependent

16

That BCLC not engage in further undercover operations, except in conjunction with the Regulator and/or the police.

 

17

That no further expense be incurred by BCLC with respect to the SAS AML software system.

 

18

That BCLC ensure VIP hosts do not handle cash or chips.

 

21

That cash limits not be imposed on buy-ins.

 

22

That PGF accounts be eliminated once responsibility for cash alternatives has transitioned to the service providers. **

Dependent

23

That BCLC implement a chip tracking system for Service Providers.

Underway

R0.1 Interim

Service Providers must complete a Source of Funds Declaration for cash deposits or monetary instruments of $10,000 or more. This includes the requirement for customers to provide evidence of the source of their buy-in funds.

 

* This is dependent on the completion of Recommendation 6: That discussions with FINTRAC take place with the purpose of designating the Service Providers as direct reports to FINTRAC, failing which that reports from Service Providers be sent in an unaltered form to FINTRAC by BCLC.

** This is dependent on completion of Recommendation 20: That cash alternatives become the responsibility of the Service Providers, subject to their compliance with overarching standards.

Did you know?

BCLC proactively releases the value and count of Suspicious Transaction Reports from B.C. casinos.