Gaming & Gambling

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Money Laundering in Casinos

Money laundering is a crime that has been around for centuries and is becoming more complex with time. Due to the rise in popularity of online gambling, there has been an increase in money laundering through online casinos as well.

Money laundering allows the inconspicuous exchange of dirty money. In addition to standard casino money laundering, online casinos have become a hub for this illegal activity due to the rising number of online casinos accepting bitcoin and other cryptocurrencies. This makes detecting illegal activity more difficult.

As a leading global risk compliance platform, Truth Technologies is dedicated to protecting business owners from money laundering crimes. Read on to learn how to detect casino money laundering and more about our anti-money laundering protection programs.

We help organizations across the digital assets sector:

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What is Money Laundering?

As summarized by the National Association of Realtors, money laundering is the process individuals use to hide or disguise the (usually illegal) origin of their funds. It is a multi-step process in which money is “cleaned” by funneling it through legitimate business transactions.

In terms of casinos, dirty money is exchanged for casino chips, and then traded in for clean cash, presented as winnings. The now clean money is then sent to accounts out of the country, eliminating any trace of illegal activity.

Why Casinos?

There are several reasons why casinos are susceptible to money laundering:

In online casinos, money laundering is very similar. In addition to large cash flows going unnoticed, users are able to have multiple accounts. Deposits are made in small amounts to deter any suspicion, which overall makes the transactions harder to detect.

Money Laundering in Casinos Laws & Regulations

According to the Financial Crimes Enforcement Network, casinos that are subject to the Bank Secrecy Act (BSA) have an obligation to comply with the anti-money laundering (AML) programs that contain procedures to detect and report suspicious activity. The Financial Crimes Enforcement Network (FinCEN) has the authority to investigate any casino for violations of the BSA, including:

Red Flags for Casino Money Laundering

There are several red flags to look out for to help identify suspicious activities in casinos and online gambling. To prevent money laundering, be cautious of:

Truth Technologies Enhanced Due Diligence & AML Screening

Truth Technologies, Inc. (TTI) is a premier provider of worldwide anti-money laundering, anti-fraud, customer identification, and compliance products and services. At TTI, we pride ourselves on working with our customers to tailor our solutions to fit their AML needs, ensuring that each customer’s needs are met.

With the use of Truth Technologies’ Enhanced Due Diligence reports and Anti-Money Laundering (AML) Screening technology, we are able to identify individuals who may participate in suspicious activities. The benefits of these solutions include:

Get Started with an Enhanced Due Diligence Solution or AML Screening from Truth Technologies

If you are interested in learning more, request a tool demo, and see how our products can help you. Let us help you take control of your business with our AML screening, enhanced due diligence, and other monitoring and reporting services.







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