Casino industry discusses anti-money-laundering efforts
LAS VEGAS — Casino industry players gathered in Las Vegas to consider ways to keep the businesses from being used to launder money.
About 400 people attended the Bank Secrecy Act conference last week, Vegas Inc. reported.
They talked about ways the government and private sector could further collaborate on preventive efforts.
A working group of government and industry officials who share information could help, said Chris Warrener, FBI criminal investigative division deputy assistant director.
He said the government would get more direct knowledge of problems in certain areas while providing context for casinos.
“I hope that’s the direction we’re headed in,” Warrener said.
Those attending also discussed the challenges casinos are facing as they confront increased regulatory pressure. The conference focused as well on the ways anti-money laundering applies to all casinos, regardless of size.
Caesar’s Palace, the former ownership of the Nugget casino have l been fined in recent years. Las Vegas Sands Corp. committed to paying millions years ago to end a money-laundering investigation. A fine was recently announced partially related to that payment.
“Whether you’re in Las Vegas, Nevada, Emeryville, California, Sparks, Pahrump, wherever — crimes do occur, and sometimes people will spend illegal gains at your casino,” attorney Jeffrey Setness said. “You don’t have to be a huge casino . you still have the same type of requirements.”