News & Analysis as of

Gaming Money Laundering

Hogan Lovells

The Fall of POGOs: Behind the facade of legality in the Philippines offshore gaming space

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Representing a fall from grace for an industry that was once seen as key to boosting economic revenue for the Philippines, President Ferdinand Marcos Jr. in July announced a ban on all Philippine Offshore Gaming Operators...more

Ballard Spahr LLP

PLI Anti-Money Laundering Conference to Address Key Issues in BSA/AML (UPDATED)

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I am very pleased to co-chair again the Practicing Law Institute’s 2024 Anti-Money Laundering Conference on May 23, 2024, starting at 9 a.m. in New York City (the event also will be virtual).  I am also really fortunate to be...more

Foodman CPAs & Advisors

Fraud is Everywhere. The IRS is looking for it and the Forensic Accountants are right behind them

The Internal Revenue Manual defines fraud as a “deception by misrepresentation of material facts or silence when good faith requires expression, which results in material damage to one who relies on it and has the right to...more

Wilson Sonsini Goodrich & Rosati

How Gaming Companies Can Become Inadvertent Money Services Businesses

Many federal anti-money laundering (AML) laws require proactive steps to guard against financial crime. While these laws requiring proactive measures generally apply only to financial institutions, gaming companies may...more

Ballard Spahr LLP

AMA Updates AML Best Practices for AML Compliance

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AMA Details Components of a Strong AML/BSA Program - Earlier this month, the American Gaming Association (“AGA”) released an updated Best Practices for Anti-Money Laundering (“AML”) Compliance (“Best Practices Guidance”)...more

Ballard Spahr LLP

The U.S. Casino and Gaming Industry: AML/BSA Regulation and Enforcement

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As we blogged yesterday, British Columbia’s (“B.C.”) Attorney General David Eby recently released an independent and very detailed report examining money laundering in B.C.’s gaming industry and providing 48 recommendations...more

Ballard Spahr LLP

British Columbia’s Gaming Industry Reportedly Faces Serious Money Laundering Vulnerabilities

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U.S. Regulatory Regime Favorably Cited in Report for B.C. Attorney General - First Part in a Two-Part Series on Gaming Industry and AML - British Columbia’s (“B.C.”) Attorney General David Eby recently released an...more

Foodman CPAs & Advisors

Did you know that Casinos are Financial Institutions?

Since 1985, Casinos that have Gross Annual Gaming Revenues in excess of $1,000,000 are considered to be Financial Institutions and are subject to the requirements of the Bank Secrecy Act (BSA). ...more

Dickinson Wright

Gaming & Hospitality Legal News: Volume 10, Number 12

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On December 5, 2017, following an internal government review of the casino sector after allegations of transnational money laundering and illicit cash transactions in gaming facilities in the Lower Mainland, British Columbia...more

Fox Rothschild LLP

California Card Club Plagued By Allegations Of Criminal Activity Fined $8 Million For AML Violations

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Today the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that it had fined a California card club, Artichoke Joe’s Casino, $8 million for numerous willful violations of the Bank Secrecy Act...more

Ballard Spahr LLP

2016 Year in Review: Money Laundering (Part One)

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2016 was a busy year for developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues. In part one of our year-in-review, we discuss six key...more

Goodwin

Massachusetts Gaming Update: One Slots Parlor Is Enough

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On Election Day, Massachusetts residents said “yes, please” to marijuana, but “no, thank you” to an additional fruit machine in the Commonwealth. Ballot Question 1 would have expanded the Commonwealth’s Gaming Act to allow...more

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