The Globe and Mail reports in its Thursday, Jan. 11, edition that new restrictions aimed at money laundering in B.C. casinos were imposed on Wednesday, almost two years after similar recommendations were rejected by the B.C. Lottery Corp.
The Globe's Justine Hunter writes that the changes, brought in to disrupt the flow of suspicious transactions, had first been proposed in 2015 by regulators, and the province's gambling and enforcement branch renewed calls for a clampdown the following year, documents show.
Under the new regime, high rollers must verify the source of their funds if they seek to buy $10,000 or more in chips within a 24-hour period at a casino in B.C. whether they use cash, bank drafts or certified cheques before they are allowed to gamble. If a customer will not provide the required information, or provides information that is clearly suspicious, the casino must refuse the transaction and notify government authorities, triggering an investigation. The changes were made in response to recommendations from Peter German, a special adviser to Attorney-General David Eby, in an interim report.
In 2015, B.C. casinos took in $137-million worth of $20 bills alone that were flagged as suspect.
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