Anti-Money Laundry Laws Take Toll In British Columbia Casinos

Written by:
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Published on:
Dec/11/2017

Online casinos in British Columbia in Canada will soon start to use anti-money laundry laws. For a long time, British Columbia casino sector is complaining of such acts. Authorities now say that such acts will soon be history. Provincial administration is talking tough on the measures. It now says that if anyone involves themselves, they will face the law. The province’s Attorney General David Eby says that it is time to take stern actions. He observes that there is no point for the authority to sit and watch.

He claims that there are allegations of money laundering in the province. This involves casinos of high volume. These are casinos that receive a high number of visitors each day. Bad people find room in these casinos thus does their bad things. David says that the new anti-money laundry laws are temporary. But they still have the powers to be in place. The province will start to use the laws soon.

Eby asks casino operators to be more transparent. He asks them to report cases of players transacting large sums of money. This is an essential request because casinos are looking for clients. If operators report high rollers in their midst, it means they lose the money. In other places, operators do not care whether a client is laundering money or not. As long as the casino gets its commission, they don’t care.

Most importantly, this is different in territories with higher regulatory standards. That is the reason why BC Attorney General is asking operators to be transparent. The requirement is clear. If a punter is transacting over $7, 800 (10, 000 Canadian Dollars), they must sign a form. The form shows the source of the money.

This is not a strange requirement. It is in the US for a long time. Those who apply it have no problems. But if you defy, there are implications. If the client intends to deposit another sum of money, there are other requirements. The Quebec casinos at Play Slots 4 Real Money will need to proof that the money is from a legal source. In some cases, the client will include the address of the bank he withdraws the money from.

He will also indicate the source of the funds. If it is work or business, he must provide proof. If the money is genuine, there will be no problem in accepting the money from the client. The new law does not affect land-based casinos alone. It will touch on online sites in BC. If a site has a high traffic most of the time, the law will be in use. Above all, this will go to all popular sites in British Columbia. Eby says it is a good measure. The new anti-money laundering laws are protection.

“The presence of this new regulator is to allow total vigilance. Casinos need to help the government safeguard our money. Of interest is the source of the funds. Afterwards, we’ll know. If the source is a bad one, the receiver will also be bad. We need to help authorities eliminate this vice from Canada casino industry,” Eby says.

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