Suspicious Transaction Reports
BCLC proactively releases the value and count of Suspicious Transaction Reports from B.C. casinos.
Under the Proceeds of Crime Money (Money Laundering) and Terrorist Financing Act (PCMLTFA) certain sectors of the Canadian economy most vulnerable to money laundering and terrorist financing risks, including casinos, are deemed to be reporting entities and are thus required to report specified transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in prescribed formats and timeframes. Under the PCMLTFA, BCLC is the reporting entity for the casino sector in the Province of BC.
BCLC is required to submit to FINTRAC Large Cash Transaction Reports and Casino Disbursement Reports involving amounts of $10,000 or more, and Suspicious Transaction Reports for all transactions or attempted transactions of any dollar amount and in any form that are suspicious.
Under the PCMLTFA the threshold for suspicion is met where “there are reasonable grounds to suspect that [a] transaction is related to the commission or attempted commission of a money laundering … or terrorist financing offence.”
All BCLC and all casino service provider staff receive formal training on how to recognize indicators of suspicious transactions at casinos.
Last Updated: April 8, 2019