Normandie Casino Pleads Guilty to Violating Federal Anti-Money Laundering Legislation

Normandie Casino Pleads Guilty to Violating Federal Anti-Money Laundering Legislation

Normandie Casino in Gardena, Ca agreed upon Friday to plead accountable to breaking the federal Bank Secrecy Act and failing to report large transactions of cash that happened in 2013 to federal authorities.

The gambling venue will have to pay $1 million in federal fines and to forfeit the amount of $1.4 million, which it received in 2013 after it had failed to submit Currency Transaction Reports as required by federal laws under its plea agreement with prosecutors.

Normandie Casino officials also admitted that the anti-money laundering measures at the location have been quite poor. Under federal regulations, gambling halls have to record essential information that is personal customers that cash out winnings greater than $10,000.

It seems that casino employees have helped players that are wealthy splitting up bigger profits into smaller amounts or by writing ‚independent video gaming promoters‘ on reports to your U.S. Treasury as opposed to the said players‘ actual names.

Normandie Casino was also accused of failing woefully to monitor precisely large cash transactions that might have been considered attempts for cash laundering. For example, the location failed to record the necessary information about a gambling client who obtained a lot more than $1 million in winnings in the period of six weeks.

Commenting on the situation, Mark Werksman, attorney for the casino, stated that this has cooperated with investigators to ensure that it to be fixed quickly and in a confident way and for the casino to help you to help keep on running its company. Weiterlesen