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Lottery organizations need to know their customers. Player identification and registration procedures must be followed completely. Lottery organizations should learn the name of their customers, any other names they use (if any), their address of residence, country of nationality, date of birth and, if applicable, the social security number.
As Postmedia has exclusively reported, RCMP investigators and B.C. government documents allege that Paul King Jin and his associates used an illegal money transfer business in Richmond to lend suspected drug-dealer cash to high-roller Chinese gamblers recruited from Macau who, with troubling ease, used massive wads of small bills to buy chips at River Rock Casino.
Eby was not made available for comment, but provided this statement: “I have hired Peter German to conduct an independent review of British Columbia’s anti-money-laundering policies and practices in relation to B.C. casinos. I have asked him specifically to identify any issues connected with any particular crimes, or specific areas of our economy.”
There are many risk indicators or factors that a casino or card club may need to consider when developing and implementing an effective BSA compliance program to combat money laundering and terrorist financing. Risk factors may differ depending on the business activities of a specific gambling establishment, or GSA Tester its products and services, as well as state, tribal or local gambling regulations that affect the gaming operation. Also, a casino or card club may need to consider the risk management principles that it applies in its operational areas when assessing and managing its BSA risk profile.
Lottery pools: A lottery pool is a planned group of people paying a certain amount of money to purchase lottery tickets. This way, many tickets will have been purchased, and if the ticket wins, they will split the prize. The idea behind lottery clubs is to buy multiple tickets for a single lottery, increasing the chances of winning an overall award. Actually, this is legitimate, but the situation of some lottery pool owners is illegal. As an example, we can give the Michigan lottery pool case. The unlawful nature of the pool causes earnings from the activities to be illegal.
The purchase of winning lottery tickets is considered a fundamental loophole for money laundering. This process occurs as follows; The criminals contact the lottery winners and offer to buy the ticket for more money than the lottery prize. The winner agrees to receive more than he earns. Thus, the criminal gets a winning lottery ticket, where he launder the money won. This money shows the funds obtained from the drug trade, prostitution, extortion, and the like as if it was obtained from the lottery.
“Regarding your request for comment related to the Section 86 report, it is public knowledge that there are at least two active police investigations underway related to allegations of illegal gambling and money laundering,” a BCLC spokesman said in an email. “Since these investigations are underway, we are not in a position to provide comment.”