Normandie Casino Pleads Guilty to Violating Federal Anti-Money Laundering Law
Normandie Casino in Gardena, Ca decided on Friday to plead accountable to breaking the federal Bank Secrecy Act and neglecting to report big transactions of cash that occurred 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 also admitted that the anti-money laundering measures during the venue are quite poor. Under federal laws and regulations, gambling halls are required to record important personal information about customers that money out winnings of more than $10,000.
It would appear that casino employees have actually helped rich players by separating larger earnings into small amounts or by composing ‘independent video gaming promoters’ on reports to the U.S. Treasury as opposed to the said players’ actual names.
Normandie Casino had been also accused of failing woefully to monitor precisely big cash transactions that has been considered efforts for cash laundering. For instance, the location would not record the information that is necessary a gambling customer who gathered a lot more than $1 million in winnings in the span of six weeks.
Commenting on the case, Mark Werksman, lawyer for the casino, stated 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.Read More