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, California decided on Friday to plead accountable to breaking the federal Bank Secrecy Act and neglecting to report big transactions of money that happened in 2013 to federal authorities.

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

Normandie Casino officials also admitted that the anti-money laundering measures during the venue have already been quite bad. Under federal laws and regulations, gambling halls are required to record important information that is personal customers that money out winnings greater than $10,000.

It seems that casino employees have aided rich players by splitting up bigger earnings into smaller amounts or by composing ‘independent video gaming promoters’ on reports to the U.S. Treasury rather than the said players’ real names.

Normandie Casino had been additionally accused of neglecting to monitor precisely large cash deals that might have been considered efforts for money laundering. For instance, the location would not record the information that is necessary a gambling client who built-up more than $1 million in winnings in the span of six days.

Commenting on the instance, Mark Werksman, lawyer for the casino, said for it to be solved quickly and in a positive manner and for the casino to be able to keep on running its business that it has cooperated with investigators in order. Continue reading

Danske Spil Reveals Interest in BetOnFinance Venture

Danske Spil Reveals Interest in BetOnFinance Venture

Danske Spil, which has recently appointed international developer of solutions for the gambling industry Scientific Games as main interactive and lottery supplier, revealed that Fibetco project BetOnFinance that is latest has drawn its attention.

In most cases, the said project is aimed at combining betting and markets that are financing one, thus making it possible for people with less knowledge of finance matters to participate in financial areas. The online betting project that, as it was explained by Fibetco, merges together online gambling with share movements now has attracted the attention regarding the Danish state-owned provider of online gambling options.

Local news stated that Danske Spil has praised the task and contains found merit in it. It appears that the gambling operator promises to assist the venture’s future development and also to monitor closely its progress.

BetOnFinance ended up being started by Jeff Saul, A danish economic specialist with several years of experience as senior banking official and market analyst. Mr. Saul has said that a internet site like his has a significant complete lot of possible since it provides something different and gives on the web gambling clients an understanding of the planet of finance and share motions.

Based on Mr. Saul, no special regulations is needed in order for the website to be run as the games offered about it are much like fantasy that is daily and there is no link involving the underlying stock’s performance and a new player’s winnings. Continue reading