Casinos are a favourite among money launderers.
Why? The money exchange process is painless, and many casinos don't have the ability to properly track cash flow.
Essentially, "dirty money" is exchanged for chips, which are gambled and then exchanged back into "clean cash".
Did you know that gambling is one of the top techniques for laundering money in Europe?
Top 10 Red Flag indicators
🚩 Use of a casino account as a savings account
🚩 Transfer of funds into third-party accounts
🚩 Cheques issued to a family member of a gambler
🚩 Multiple individuals sending funds to one beneficiary
🚩Associations with multiple accounts under multiple names
🚩 Numerous individuals transfer funds to a single beneficiary
🚩 Use of false and stolen identities to open and operate casino accounts
🚩 Frequent deposits of cash, checks & wire transfers into a casino account
🚩 The gambler's name and the name on the account do not match
🚩 Transactions in casino accounts are completed by persons other than the account holder.
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