Sunday, May 24, 2015

The Feds think the mob is laundering money through Los Angeles 'card clubs'

By: Brett Wolf, Reuters

A federal grand jury is probing a Los Angeles-area casino following allegations by state authorities the business allowed some players to evade transaction reporting requirements and possibly launder money, a source said.

The grand jury is probing the operations of the Gardena-based Normandie Casino, the source said.

Authorities suspect many of California's roughly 90 casinos known as "card clubs" are not fully complying with laws requiring they report when customers use more than $10,000 in cash to buy poker chips, the source said.

Organized crime figures linked to drug trafficking and other crimes may use the clubs to spend, or to disguise the source of their gains, the source added, speaking under condition of anonymity.

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Jamal El-Hindi Named New FinCEN Deputy Director

Jamal El-Hindi
Deputy Director
FinCEN
May 21, 2015
Financial Crimes Enforcement Network (FinCEN) Director Jennifer Shasky Calvery has named Jamal El-Hindi as FinCEN’s new Deputy Director. He is a nine-year veteran of FinCEN, previously serving as Associate Director for the Policy Division before becoming acting Deputy Director in January 2015. As Deputy Director, El-Hindi is responsible for working with the law enforcement, intelligence, financial, and regulatory communities to ensure the effective coordination of anti-money laundering and anti-terrorist financing initiatives. El-Hindi also provides operational leadership and performs the full range of supervisory and managerial functions for FinCEN.


"FinCEN is particularly fortunate to have Jamal bring to this new role his broad experience working with regulators at the Federal, State, local, and international levels, and his extensive interaction with the wide-range of financial industry sectors regulated by FinCEN," Director Calvery noted. "Since my first day as FinCEN's Director, I have relied on Jamal's advice and thoughtful guidance."

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Wednesday, May 13, 2015

FinCEN Recognizes High-Impact Law Enforcement Cases Furthered through Financial Institution Reporting

First-Ever Awards Ceremony Promotes Feedback to Industry

The Financial Crimes Enforcement Network (FinCEN) today presented its first-ever Law Enforcement Awards in a ceremony at the U.S. Department of the Treasury. These awards are presented to law enforcement agencies that use Bank Secrecy Act (BSA) reporting in their criminal investigations. There are two primary goals of the program. First, to recognize law enforcement agencies who made effective use of BSA data to obtain a successful prosecution. And, second, to provide concrete evidence of the value of BSA data to the financial industry.

"It is fitting that these awards are being presented during National Police Week," noted FinCEN Director Jennifer Shasky Calvery. ""This tribute to law enforcement recognizes their exemplary achievements, and also provides additional feedback to the financial industry on how the information they provided helped the cases. For twenty five years, FinCEN has served as the bridge between the financial industry and law enforcement, and we need to let more people know about how vitally important that partnership ahs become." Director Calvery's remarks at the awards ceremony can be found here.

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Friday, May 8, 2015

Following Trend, Caesars Palace Las Vegas Just Says No to C Notes

May 5, 2015 | Daniel Smyth

If you’re headed to Caesars Palace in Las Vegas this summer, thinking you may impress your poker table mates with wads of real live $100 bills, think again. The Caesars flagship property is following suit with other major Sin City casinos’ poker rooms, and forbidding the use of real money in poker cash games.

The change was announced late last week with a notice from casino management. Going forward, it’s chips only on the felt for cash games.

The decision to copy the MGM, Station Casinos, the Wynn, and the Venetian by removing cash play was prompted by a push to improve anti-money laundering provisions. Following recommendations by the Financial Crimes Enforcement Network (FinCEN) back in 2014, various casinos in Vegas have moved to outlaw cash at the table to avoid possible financial misdemeanors.

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