Normandie Casino Pleads Guilty to Violating Federal Anti-Money Laundering Legislation
Normandie Casino in Gardena, Ca agreed on Friday to plead guilty to breaking the federal Bank Secrecy Act and failing to report large transactions of money that happened in 2013 to federal authorities.
The gambling venue will have to pay $1 million in federal fines and to forfeit the amount of $1.4 million, which it received in 2013 after it had failed to submit Currency Transaction Reports as required by federal laws under its plea agreement with prosecutors.
Normandie Casino officials additionally admitted that the anti-money laundering measures during the venue have been quite bad. Under federal legislation, gambling halls are required to record crucial personal information about clients that money out winnings greater than $10,000.
It seems that casino workers have actually assisted players that are wealthy separating bigger profits into small amounts or by writing ‘independent gaming promoters’ on reports towards the U.S. Treasury rather than the said players’ real names.
Normandie Casino was also accused of neglecting to monitor precisely large cash transactions that has been considered efforts for money laundering. For example, the location did not record the necessary data about a gambling customer who gathered more than $1 million in winnings in the span of six days.
Commenting on the situation, Mark Werksman, lawyer for the casino, stated that it has cooperated with investigators in order for it to be solved quickly plus in an optimistic way and also for the casino in order to help keep on operating its business. Read More