|U.S. casinos may soon have to vet where their high rollers' funds come from under a requirement being developed by the U.S. Treasury Department, according to two people familiar with the matter. The move is part of a push to address longstanding regulatory and law enforcement concerns that criminals can use casinos, which have not historically been as closely monitored as banks for compliance with anti-money laundering laws, to convert proceeds of crime into money that appears clean. Existing rules do not explicitly require casinos to vet the source of gamblers' funds. The new rule is likely to require casinos to get more information about certain customers in order to shed light on high-risk transactions such as international wires and large cash deposits, said the sources, who asked not to be named. A spokeswoman for a casino trade group, the American Gaming Association (AGA) "Our industry is committed to a culture of compliance and we appreciate FinCEN's open dialogue and look forward to future collaboration,". In August Las Vegas Sands Corp agreed to pay the Justice Department more than $47 million over anti-money laundering lapses at its Venetian and Palazzo hotel complex in Las Vegas.
PGRI Note: What this industry needs is uncompromised federal enforcement of the laws and regulations that eliminate criminality. Referring back to internet gaming, the notion that Sheldon Adelson (the same guy whose company was just charged a $47 million fine for laundering money) is concerned about consumer protection, and that the best way to protect the consumer is to prohibit states and lotteries from regulating the industry, is so stupid that it is hard to believe a federal legislator could try to sell it, no matter how much campaign support they receive. What’s needed from the federal government is stricter effective enforcement of against criminality, like money laundering. And federal laws and enforcement mechanisms to prevent commercial online operators from violating state laws and regulations.