VANCOUVER, April 11, 2016 /CNW/ - The BC Gaming Industry Association (BCGIA) welcomes the formation of the new Joint Illegal Gaming Investigation Team by the Government of British Columbia.
The members of the BC Gaming Industry Association are strongly committed to preventing money laundering at their properties. Gaming operators in BC already legally adhere to anti-money laundering (AML) protocol required by BC Lottery Corporation (BCLC), the Gaming Policy and Enforcement Branch (GPEB) of the provincial Ministry of Finance, and FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada) to ensure the implementation of effective AML procedures at their properties.
BC casinos are required to follow the same rigorous anti-money laundering protocol as banks. All cash transactions of $10,000 or more and suspicious transactions of any amount are reported though to FINTRAC. Casinos must also complete a large cash disbursement report for any payout of $10,000 or more resulting from chip redemption, withdrawals from gaming accounts, payment of winnings and other similar transactions.
Casinos are responsible for approximately 2% of all large cash transactions reported to FINTRAC – the bulk comes from banks.
"The members of the BC Gaming Industry Association strictly adhere to all regulations related to anti-money laundering and look forward to working closely with authorities involved in this new initiative to prevent money laundering at their facilities, as well as illegal gaming that may be occurring in the province," said Ernest Yee, Executive Director of the BC Gaming Industry Association.
"Moreover, we welcome the joint team's efforts to raise public awareness of the role that casino operators play in identifying and reporting financial transactions," added Yee.
ABOUT THE BC GAMING INDUSTRY ASSOCATION:
The BC Gaming Industry Association (BCGIA) represents 14 private sector gaming operators that manage 39 gaming properties and provide over 8,300 jobs in BC. BCGIA members manage casinos, community gaming centres, bingo and horse racing, as well as non-gaming amenities such as food and beverage facilities, show theatres, conference centres and hotels. BCGIA members generated over $1.7 billion in gaming revenue for BCLC in 2014/15. For more information about the BC Gaming Industry Association, please visit our website: bcgia.com.
SOURCE BC Gaming Industry Association
For further information: MEDIA CONTACT: Ernest Yee, Executive Director, BC Gaming Industry Association, email@example.com