Normandie Casino Pleads Guilty to Violating Federal Anti-Money Laundering Legislation

Normandie Casino Pleads Guilty to Violating Federal Anti-Money Laundering Legislation

Normandie Casino in Gardena, California agreed on Friday to plead guilty to breaking the Bank that is federal Secrecy and failing woefully to report large deals of cash 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 at the venue have now been quite bad. Under federal laws and regulations, gambling halls have to record important information that is personal about customers that cash out winnings in excess of $10,000.

It appears that casino workers have helped players that are wealthy breaking up bigger earnings into small amounts or by writing ‘independent video gaming promoters’ on reports to the U.S. Treasury as opposed to the said players’ actual names.

Normandie Casino ended up being additionally accused of failing continually to monitor properly large money deals that might have been considered attempts for the money laundering. For example, the venue failed to record the information that is necessary a gambling client who accumulated significantly more than $1 million in winnings within the period of six days.

Commenting regarding the instance, Mark Werksman, lawyer for the casino, stated that it has cooperated with investigators in order for that it is fixed quickly as well as in an optimistic way and also for the casino in order to keep on running its business. (more…)