According to California Attorney General Xavier Becerra, a settlement has been reached for Hawaiian Gardens Casino in Los Angeles.
It will have to fork over $3.1 million for violating the Bank Secrecy Act and misleading Department of Justice state regulators. The law is there to prevent money laundering.
Here’s what went down. A Financial Crimes Enforcement Network (FinCEN) investigation had looked into the casino’s practices, noting deception over the years.
The venue failed to adhere to California’s Gambling Control Act of 1998. It mandates casinos to make full and true disclosure of legal issues to the appropriate parties.
In fact, Hawaiian Gardens neglected to report important information to the Bureau of Gambling Control (BGC) according to Becerra.
In particular, the casino should have revealed that a federal agency was con concerned about violations of the Bank Secrecy Act. It should also have disclosed FinCen negotiations.
Becerra stated that the casino admitted to breaching the Act as part of the over three million dollar settlement agreement.
Source: https://www.igamingbusiness.com/news/california-cardroom-pays-31m-settle-aml-case
