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Casinos See Little Reason to Look Closely at Big Spenders, Say Former Investigators
By Matt Squire
printCasinos facing an economic slump have little incentive to conduct thorough due diligence on high stakes gamblers possibly tied to money laundering operations, say former investigators. Under the Bank Secrecy Act (BSA), U.S. gambling operations with revenues of $1 million or more must record personal information of customers that deposit funds, open lines of credit or transact $3,000 or more. The requirements are intended to help law enforcement agencies prevent criminals from disguising dirty money as casino winnings. Because big gamblers often translate into big profits for the companies, some casinos are willing to relax rules determining the source of...
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