Wednesday, August 28, 2013

Feds Put Tribal Casinos on Notice: Anti Money Laundering laws Apply to EVERY Corporation.

“All companies, especially casinos, are now on notice that America’s anti-money laundering laws apply to all people and every corporation, even if that company risks losing its most profitable customer.”

The Bank Secrecy Act requires casinos with annual revenue of at least $1 million to file the reports, which are then analyzed by government agencies to investigate possible violations of the law, according to the USAO news release.
In Riverside County, there are several casino operators, including Indian-owned operations.
According to Thom Mrozek, spokesman for the US. Attorney’s Office, Central District of California, none of these operators is exempt from today’s warning.
“Anti-money laundering laws and the various reporting requirements like SARs are dictated by federal law,” he said via email.
In Southwest Riverside County, Temecula is home to Pechanga Resort & Casino, while Lake Elsinore is the venue for the Lake Elsinore Hotel & Casino. Both offer gambling. Neither has been linked to any wrongdoing whatsoever in the Sands case.
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