Large global banks are facing increased pressure from U.S. regulators to clamp down on casino money-laundering as the government pushes the industry to police not only its own transactions but customers’ as well.
Bankers, casino executives and consultants said the U.S. crackdown has resulted in unprecedented scrutiny and collaboration between the two industries, including banks vetting casino customers’ anti-money laundering systems, checking to make sure casinos don’t accept anonymous wire transfers, and offering databases and other information to help the gamingindustry identify risky transactions.
…In light of the enforcement actions and tough public statements by federal authorities, banks have begun taking further steps to ensure their casinos customers’ accounts are legitimate. As opposed to merely asking whether a casino has anti-money laundering programs, banks are now reviewing them and conducting onsite work to test their efficacy, said Adam Shapiro, a director specializing in preventing money laundering at Promontory Financial Group….
