How comprehensive must a casinos procedures be for detecting suspicious activity?
Answer 14: A casino or card club is responsible for establishing and implementing risk-based internal controls (i.e., policies, procedures and processes) to comply with the BSA42 and to safeguard its operations from money laundering and terrorist financing, including for detecting, analyzing and reporting potentially suspicious activity. A casino or card club is required to file a suspicious activity report for a transaction when it knows, suspects or has reason to suspect that the transaction or pattern of transactions (conducted or attempted) is both suspicious, and involves $5,000 or more (in the single event or when aggregated) in funds or other assets. The extent and specific parameters under which a casino or card club must monitor customer accounts43 and transactions for suspicious activity must factor in the type of products and services it offers, the locations it serves, and the nature of its customers. In other words, suspicious activity monitoring and reporting systems cann
Answer 14: A casino or card club is responsible for establishing and implementing risk-based internal controls (i.e., policies, procedures and processes) to comply with the BSA42 and to safeguard its operations from money laundering and terrorist financing, including for detecting, analyzing and reporting potentially suspicious activity. A casino or card club is required to file a suspicious activity report for a transaction when it knows, suspects or has reason to suspect that the transaction or pattern of transactions (conducted or attempted) is both suspicious, and involves $5,000 or more (in the single event or when aggregated) in funds or other assets. The extent and specific parameters under which a casino or card club must monitor customer accounts43 and transactions for suspicious activity must factor in the type of products and services it offers, the locations it serves, and the nature of its customers. In other words, suspicious activity monitoring and reporting systems cann
