A River Rock Casino VIP with links to high-ranking officials in China gambled with about $490,000 received in a suspicious transaction in a River Rock hotel room, confidential documents obtained by Global News show.
Although the VIP could be what is considered an associate of a “politically exposed person” in international anti-money laundering practice — meaning a client at risk of laundering corruption money — B.C. Lottery Corp.’s chosen course of action was to require the gambler to verify his source of funds for future transactions, documents show, rather than cancelling his account.
The circumstances of the case highlight a difference between casinos and other financial institutions in Canada’s anti-money laundering system. Banks, for example, face new and tighter restrictions when it comes to doing business with high-risk clients connected to foreign states.
Casinos, however, don’t.
Read the original article here: globalnews.ca
Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.