BC Gaming is making it clear that their anti-money laundering processes are in full effect at B.C. casinos.

Money laundering is a technique criminals use to convert profits of crime, known as “dirty money,” into funds that look like they’ve been acquired legally.  

People usually move illegal money through a series of rapid financial transactions, hiding the source of the money and the criminal’s identity.

Anti-money laundering (AML) includes government regulated programs followed through by businesses to prevent this illegal activity.

In B.C., if a casino a customer buys chips with a large amount of cash and asks to redeem those for a generic casino cheque soon after, cheques are branded "return of funds – not gaming winnings.”

The cheque branding makes it clear the money isn’t casino winnings and creates an audit trail for police when the cheque goes through the banking system.

This way, people are unable to successfully “clean” their money at the casino.

In the province, gaming operations work with FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada), BC Lottery Corporation (BCLC), the Gaming Policy and Enforcement Branch (GPEB) of the provincial Ministry of Finance and police agencies to make sure money laundering doesn’t happen on their properties.

"The members of the BC Gaming Industry Association strictly adhere to all gaming regulations pertaining to anti-money laundering procedures as mandated by FINTRAC, the Gaming Policy and Enforcement Branch and BC Lottery Corporation," said Ernest Yee, Executive Director of the BC Gaming Industry Association. “Gaming operators are required to implement and comply with the same rigorous anti-money laundering programs and reporting policies as banks.

“Our members are strongly committed to continuing to prevent money laundering at their properties.”

All cash transactions of $10,000 or more, and suspicious transactions of any amount, are reported to FINTRAC, as required.

Casinos also have to complete a special report if they payout $10,000 when people redeem their chips, cash out their casino account or win big.

If people attempt to exchange money into chips, and then into a casino cheque, their identity is reported to FINTRAC.

Cheques are only issued for casino winnings if the win amount is clearly legitimate and the cheque would be branded "verified win.”

The BC Gaming Industry Association (BCGIA) represents 13 private sector gaming operators that manage 38 gaming properties in B.C. This includes casinos, community gaming centres, bingo, horse racing and more.