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”