Problem Gaming

AML, FINCEN, Casinos, International Banks and Intrigue

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Steve Karoul is a recognized casino consultant with 35 years of hands-on experience with the best casinos both within the United States and internationally. He is also an authority on all aspects of casino marketing. Steve has lived in numerous countries and has conducted casino marketing activities in well over 100 countries around the world.   He is an author, a lecturer and an educator who often injects his own hands on experiences and openly shares his ideas and thoughts with fellow industry executives. Telephone +(1-860) 536-1828 or [email protected] or see www.euroasiacasino.com

What do AML, FINCEN, Casinos and Banks all have in common?  It is not intrigue but unfortunately the intrigue element comes into play because of Compliance.  Compliance is the new mantra of both casinos and banks today.  Unfortunately there have been abuses within both systems and both industries handle large amounts of cash.  Cash used to be “King” but not any longer.  Today cash generates concern.  That concern translates across many industries today besides just casinos and banks.

For example, FINCEN falls under the US Department of the Treasury.  This is the Financial Crimes Enforcement Network and they have both casinos and banks in their sights among other industries. This not only affects casinos in the United States but also affects western casinos conducting business in Asia or elsewhere around the world. FINCEN’s charter is as follows:

“FINCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities”

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Leprosy, Ebola Virus, Bubonic Plague and Problem Gaming

 

Bio Pic

Steve Karoul is a recognized casino consultant with 35 years of hands-on experience with the best casinos both within the United States and internationally. He is also an authority on all aspects of casino marketing. Steve has lived in numerous countries and has conducted casino marketing activities in well over 100 countries around the world.   He is an author, a lecturer and an educator who often injects his own hands on experiences and openly shares his ideas and thoughts with fellow industry executives. Telephone +(1-860) 536-1828 or [email protected] or see www.euroasiacasino.com

What do they all have in common?  Probably not too much but how else do you focus ones attention on such horrible diseases.  One could possibly argue that Leprosy, Ebola Virus and Bubonic Plague are not common illnesses but never-the-less their effects can be both devastating and catastrophic.  Problem gaming is also an illness that can also have catastrophic consequences not only for the victim but also for the innocent families of the victims.  Nobody likes to talk about negative topics and therefore it is often easier to avoid talking about them or even worse, pretending that they do not exist.So, who really cares about problem gaming?  I do for one and fortunately most responsible casino executives and managers also care about it.  In recent years the casino industry overall has begun to take a much more proactive rather than reactive approach to the way they handle problem gaming.  Senior management does seem to understand all of the various issues.  However, as an industry we still have a way to go to properly educate as many employees as possible in the gaming industry.   

I used the term educate rather than train for how we deal with our employees.  We train horses and we train dogs but we educate people.  Therefore, an on-going progressive educational program about problem gaming is one of the keys to success.  The gaming industry in general needs to be commended on their efforts in recent years to properly train their staff to recognize the early signs of problem gaming to allow management an opportunity for intervention before it is too late.  Read More…

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