What are the risk indicators for betting accounts?
A range of typologies indicate that betting accounts can be used to facilitate money laundering and/or the financing of terrorism. In particular, an account can be opened by one individual and used by others. An individual may also operate more than one account. The following circumstances may indicate a risk of money laundering or terrorism financing occurring:(62) • deposits by third parties into a casino account operated by an individual • use of fraudulent credit cards to deposit funds into betting account • frequent deposits of gambling cheques followed by immediate withdrawal of funds with cash • transfers from company accounts to private betting accounts • multiple negotiable-chip redemptions for cash or gaming cheques on the same day • use of betting accounts as de-facto savings and deposit accounts • client providing bookmakers or casino with substantial amounts of cash for gambling purposes, but requesting cheque for repayment of funds not used.
