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Casinos May Have to Research High Rollers’ Funds

Casinos May Have to Research High Rollers’ Funds

The US Treasury Department is developing a requirement which would mean US casinos would have to vet where high rollers’ funds are coming from. The move is part of a push to address concerns that criminals are using casinos for money laundering.

At present casinos have to report suspicious activity, for example a customer who uses cash to buy a large number of chips, gambles for a short while and then cashes out with a casino check is likely to be reported to authorities.

The new rule, which is being put together by the Treasury’s Financial Crimes Enforcement Network (FinCEN) unit, would make it necessary for casinos to look into the source of high rollers funds.

So far FinCEN and the American Gaming Association have declined to comment on the new rule. The AGA’s spokesperson, Stephanie Chan, said, “Our industry is committed to a culture of compliance and we appreciate FinCEN’s open dialogue and look forward to future collaboration.”

Casino operators have always argued that gamblers would stay away from tables rather than submit to background checks. During the financial recession high-end baccarat players kept the Las Vegas strip afloat and gaming executives are worried about any disruption to business.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.