Status Report of Dr. Peter German's Recommendations
BCLC has addressed all recommendations for which it is responsible for 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. |
Addressed |
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. |
Addressed |
7 |
That BCLC provide Corporate Suspicious Transaction Reports (STRs) if its files contain relevant information not contained within an STR from a Service Provider. |
Addressed* |
10 |
That the Regulator / Designated Policing Unit be provided with access to iTRAK in its offices. |
Addressed |
11a |
That Unusual Financial Transaction (UFT) reports be eliminated. |
Addressed* |
16 |
That BCLC not engage in further undercover operations, except in conjunction with the Regulator and/or the police. |
Addressed |
17 |
That no further expense be incurred by BCLC with respect to the SAS AML software system. |
Addressed |
18 |
That BCLC ensure VIP hosts do not handle cash or chips. |
Addressed |
21 |
That cash limits not be imposed on buy-ins. |
Addressed |
22 |
That PGF accounts be eliminated once responsibility for cash alternatives has transitioned to the service providers.
Note: 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. |
Addressed |
23 |
That BCLC implement a chip tracking system for Service Providers. |
Addressed |
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. |
Addressed |
*BCLC remains the casino industry’s reporting entity to FINTRAC, and continues to evolve and improve its anti-money laundering program, which is subject to frequent independent reviews to ensure its ongoing effectiveness. As such, the following recommendations are no longer required:
Recommendation 7: That BCLC provide corporate Suspicious Transaction Reports (STRs) if its files contain relevant information not contained within an STR from a Service Provider. This is dependent on the completion of R5: That Service Providers be responsible for completing all necessary reports to FinTRAC, including Suspicious Transaction Reports (STRs).
Recommendation 11a: That Unusual Financial Transaction (UFT) reports be eliminated. This is also dependent on the completion of R5.
Current UFT and STR reporting obligations will continue.
Did you know?
BCLC proactively releases the value and count of Suspicious Transaction Reports from B.C. casinos.
