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Federal Scrutiny of Casinos Prompts Banks to Ask More of Industry Clients
By Brian Monroe
printAt least two large U.S. banks have started asking their casino clients more questions in the wake of disclosures that federal officials are investigating alleged violations of anti-money laundering laws. Bank of America, Wells Fargo & Co. and other financial institutions have asked Las Vegas-based casinos with accounts at their institutions to detail how they are determining whether wealthy gamblers are using the gambling operations to launder illicit proceeds, four individuals with knowledge of the matter confirmed. "Casinos in the United States have historically not taken [anti-money laundering controls] as seriously as they needed to," said Christine Duhaime, a Vancouver-based...
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