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, 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

Danske Spil Reveals Curiosity About BetOnFinance Project

Danske Spil Reveals Curiosity About BetOnFinance Project

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

Most of the time, the said task is aimed at combining betting and financing markets into one, therefore making it possible for people with less knowledge of finance issues to take part in financial areas. The betting that is online that, as it had been explained by Fibetco, merges together online gambling with share movements now has attracted the eye for the Danish state-owned provider of on the web gambling options.

Local media stated that Danske Spil has praised the project and it has found merit inside it. Additionally appears that the gambling operator intends to assist the venture’s future development and also to monitor closely its progress.

BetOnFinance was created by Jeff Saul, A danish monetary specialist with many years of experience as senior banking official and market analyst. Mr. Saul has said that a website like their has a serious complete lot of prospective because it offers different things and gives on the web gambling customers an understanding of the planet of finance and share movements.

According to Mr. Saul, no special regulations is required in order for the website to be run while the games offered onto it are just like fantasy that is daily and there is no website link between the underlying stock’s performance and a player’s winnings. Read More