Canada’s gaming operators take the issue of money laundering very seriously, and have strict standards and procedures in place to deter and detect criminals attempting to exploit casino operations.
Canada’s casinos and racinos are subject to the same legislation and regulations that government other organizations handling financial transactions, including banks, trusts, life insurance companies and securities dealers, among others.
Prevention activities include complying with restrictions on cash transactions, the use of player identification measures and recording and monitoring all transactions. Canadian gaming establishments have implemented world-class security and surveillance systems. Security and surveillance staff are thoroughly trained to detect any suspicious activity, including signs of potential money laundering.
Gaming is one of the most highly regulated business sectors in Canada. Our members work closely with provincial regulators, FINTRAC, the RCMP, local police agencies, and federal officials to ensure a safe, secure environment for casino patrons. FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada, is a specialized agency created in 2002 to collect, analyze and disclose financial information and intelligence on suspected money laundering.
Canada’s gaming industry collaborates with these groups to continuously improve standards and regulations related to gaming. This includes being involved in the creation of enhanced anti-money laundering requirements established under Bill C-25, An Act to amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, passed by Parliament in December 2006. These enhanced requirements go into effect on June 23, 2008 and include:
- The reporting of all attempted suspicious transactions
- Ascertaining and recording the identity of individuals on all remittances over $1000
- Mandatory record keeping for all foreign currency exchanges
The Canadian Gaming Association strongly supports efforts to prevent and detect money laundering at Canada’s casinos and racinos. The Canadian Gaming Association represents the gaming industry’s leading operators, manufacturers, suppliers and other stakeholders nation-wide.