Normandie Casino Pleads Guilty to Violating Federal Anti-Money Laundering Law
Normandie Casino in Gardena, Ca agreed on Friday to plead bad to breaking the federal Bank Secrecy Act and failing woefully to report big transactions of money that occurred in 2013 to federal authorities.
Under its plea contract with prosecutors, the gambling place will have to pay $1 million in federal fines and to forfeit the total amount of $1.4 million, which it received in 2013 after it had didn’t submit Currency Transaction Reports as required by federal laws.
Normandie Casino officials also admitted that the anti-money laundering measures at the venue have already been quite poor. Under federal rules, gambling halls are required to record important information that is personal about customers that cash out winnings greater than $10,000.
It would appear that casino employees have actually helped players that are wealthy separating bigger profits into smaller amounts or by writing ‘independent gaming promoters’ on reports to the U.S. Treasury as opposed to the said players’ actual names.
Normandie Casino was also accused of neglecting to monitor correctly big money deals that has been considered attempts for cash laundering. As an example, the venue would not record the information that is necessary a gambling consumer who collected a lot more than $1 million in winnings within the span of six weeks.
Commenting on the case, Mark Werksman, lawyer for the casino, stated that it has cooperated with investigators to enable that it is fixed quickly and in a confident way and for the casino to be able to help keep on operating its company. (more…)