AGCO fines Fallsview Casino CA$70k for AML failures
The violation in question took place in April of last year and involved a patron who brought with them approximately 80 thousand Canadian dollars to the establishment in a grocery bag with 100-dollar bills. After the money was counted by the business and deposited, the patron left without playing any games at the casino.
Moreover, this customer was previously identified by the operator as high-risk in terms of AML compliance, however, the company did not notify the AGCO or the police about the 80-thousand-dollar deposit. The regulator mentioned that the company also failed to take appropriate steps to identify the source of the patron’s funds, which is a requirement outlined in AGCO’s AML guidelines.
The regulatory authority summarized the report of its latest enforcement action by mentioning that licensed operators have an important responsibility to accurately identify and counteract any potential financial crimes taking place at their businesses. The AGCO added that licensees are required to report suspicious activities promptly and to identify the source of a patron’s funds when dealing with sizable amounts of cash.