Since Chinese citizens are restricted from bringing more than $50,000 out of their country, criminal groups in Vancouver offered them a workaround. The Vancouver Modelīetween 20, casinos in Vancouver were used to launder large sums of money from China. This strategy requires one player to ‘lose’ all their dirty money to another player, who they’re in collusion with. For example, in 2013, a professional gambler was charged with almost $500,000 in illegal financial transactions, which were made through the good-old cash-in, cash-out scheme. However, the simplicity of this approach also means that it’s easily detected by the authorities. Some players may even divide money into several different betting accounts, which will make them appear less suspicious.

This way, dirty money can get mistaken for money won at a casino. A criminal simply exchanges their money for playing chips and then converts them back into cash. This is the simplest, most typical method of laundering money at a casino. Below are some of the key examples: Cash-in, cash-out Money laundering can take up different forms at casinos. Money laundering statistics Popular money laundering schemes The Financial Action Task Force (FATF) identifies nine potential vulnerabilities that casinos might have in terms of money laundering. Money laundering in casinosīoth online and on-premises casinos are often abused by criminals to launder dirty money. In this article, we go over the six most popular types of money laundering in casinos. Casinos need to learn how to notice suspicious behavior and what the most popular laundering schemes are.

The most important step is to implement an efficient Customer Due Diligence (CDD) check. The hottest scandal of the moment has to do with the Star Entertainment Group in Australia, which was fined $62 million dollars for failing to stop money laundering at its Sydney casino.Ĭasinos have a long way to go when it comes to confronting money laundering. And if casinos fail to detect it, they can face penalties and have their license revoked. Gambling can be a haven for money laundering.

How to stop gambling at casinos