Department of Justice and FinCEN Communicate a Strong Message to Casinos and Financial Institutions

SAN DIEGO, Sept. 14, 2016 /PRNewswire/ -- 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.

The Bank Secrecy Act, or BSA, requires financial institutions including casinos in the United States to assist government agencies to detect and prevent money laundering. More than 350 gaming executives, regulators and attorneys attended the annual conference in Las Vegas, developed by Casino Essentials in partnership with the Dowling Advisory Group (DAG). 

"Our conference program provides a unique environment where casinos can openly discuss their compliance challenges as a community," said Mindy Letourneau, Managing Director, Casino Essentials. "Here participants interact directly with government regulators and federal law enforcement agencies to find solutions that can benefit the industry."

The Financial Crimes Enforcement Network or FinCEN, which is the sole regulator for casinos and card clubs hopes the conference will dispel myths related to suspicious activity reporting in the casino industry. "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. 

"At DAG, we continue to work diligently with our customers and the industry to develop procedures that identify source of funds," said Jim Dowling, Managing Director of Dowling Advisory Group. "Identifying the source of funds is critical to keeping illicit funds out of the casinos and ensuring our clients are not fined."

The speeches for Tom Ott and Deborah Connor are available by visiting Casino Essentials at http://www.casinoessentials.com/AML-remarks/. For more information about casino industry AML events, visit www.CasinoEssentials.com/Events or call 877.811.3534 ext. 106.

About Casino Essentials: Casino Essentials is the leading online learning and professional educational provider for casinos in North America, with a strong emphasis on AML and Title 31 education for the gaming industry. Visit us at www.CasinoEssentials.com.  

About DAG: The Dowling Advisory Group conducts independent testing at casinos and other financial institutions to enhance their compliance programs and help avoid regulatory fines and criminal charges. To learn more, visit www.dowlingadvisorygroup.com

SOURCE Casino Essentials

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