September 14, 2016
The Department of Justice and FinCEN delivered a strong message to casinos and financial institutions at the Casino Essentials’ 9th Annual AML Conference in Las Vegas.
“Make no mistake,” said Deborah Conner, Principal Deputy Chief Asset Forfeiture Money Laundering Section, “DOJ will pursue criminal charges and penalties against any financial institution, including casinos and card clubs that willfully violate the Bank Secrecy Act.” Conner added that compliance is fundamental to protecting the security and integrity of our financial system. “Identifying and understanding a customer’s source of funds is not simply a ‘best practice,’ it is a regulatory expectation,” said Tom Ott, Associate Director of Enforcement for FinCEN. Mr. Ott’s delivered a clear message, stating that casinos and card clubs must file SARS on funds derived from illegal activity.