Anti-Money Laundering: The Canadian gaming industry’s ongoing commitment
By Paul Burns, Interim President and CEO, Canadian Gaming Association
Recently, a number of media articles have cast light on the reality that criminals still attempt to launder money in casinos in Canada. What isn’t being highlighted is that casino operators are on the front line and are doing their part — and let’s be clear about what that is: Identifying, documenting, and reporting suspicious activities, not catching criminals. Anti-Money Laundering (AML) is a team process that relies on cooperation and partnership from all parties involved to thwart attempts to launder money, and the entire Canadian gaming industry must be vigilant.
All institutions that handle large financial transactions, including casinos, are responsible for reporting suspicious transactions, including those that appear to be money laundering, to both the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and those responsible for investigation and arrests (police). Casinos file more than 200,000 reports with FINTRAC every year and the system is clearly working, or the evidence that has so far been reported wouldn’t exist.