Normandie Casino Pleads Guilty to Violating Federal Anti-Money Laundering Law
Normandie Casino in Gardena, Ca agreed upon Friday to plead guilty to breaking the Bank that is federal Secrecy and failing continually to report large transactions of money that occurred in 2013 to federal authorities.
The gambling venue will have to pay $1 million in federal fines and to forfeit the amount of $1.4 million, which it received in 2013 after it had failed to submit Currency Transaction Reports as required by federal laws under its plea agreement with prosecutors.
Normandie Casino officials also admitted that the anti-money laundering measures during the venue have already been quite bad. Under federal laws and regulations, gambling halls have to record essential information that is personal customers that money out winnings greater than $10,000.
It appears that casino employees have aided players that are wealthy breaking up larger earnings into lower amounts or by writing ‘independent gaming promoters’ on reports to your U.S. Treasury as opposed to the said players’ real names.
Normandie Casino ended up being additionally accused of failing continually to monitor precisely big money deals that might have been considered efforts for the money laundering. For example, the location would not record the information that is necessary a gambling client who collected more than $1 million in winnings within the span of six weeks.
Commenting regarding the instance, Mark Werksman, lawyer for the casino, stated for it to be solved quickly and in a positive manner and for the casino to be able to keep on running its business that it has cooperated with investigators in order. Continue reading