Lost in the frenzy of the recent civic election was a story about Burnaby’s Grand Villa Casino.
BC Lotteries Corporation has engaged a third-party auditor to monitor B.C.’s busiest casinos to make sure gaming workers are recording source of gaming funds declarations properly – including the Grand Villa.
The corporation determined that more monitoring was needed to ensure that registered gaming workers are consistently and completely accurate in gathering detailed information on the source of player funds for all transactions of $10,000 or more.
This additional monitoring will continue until BCLC is satisfied that its service providers are fully compliant, according to a press release.
Beginning Jan. 10, at the recommendation of Peter German – whose report on money laundering in our casinos rocked the province - gaming workers had to collect a source of funds declaration for all cash and bank draft and certified cheque buy-ins for $10,000 or more in one or more transactions within a 24-hour period. This information must be provided before the customer is allowed to buy in. The declaration must include the financial institution, branch number and account number related to the buy in as well as the customer’s signature and in some circumstances, supporting documentation is also required. If a customer doesn’t provide the required information, or refuses to sign the source of funds declaration, the service provider must refuse the transaction, document the refusal and notify BCLD and Gaming Policy and Enforcement Branch Compliance Division (GPEB).
With all the protestations from gaming officials that everything was already being done to prevent money laundering – “move along, nothing to see here!” – we’re disturbed that a sort of cash babysitter needed to be appointed to ensure casino workers are doing their jobs.
