{"id":431,"date":"2016-09-28T14:13:03","date_gmt":"2016-09-28T14:13:03","guid":{"rendered":"https:\/\/www.legitgambling.com\/?p=431"},"modified":"2017-05-12T15:49:28","modified_gmt":"2017-05-12T15:49:28","slug":"casino-compliance-officers-come-fincen-pressure","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/casino-compliance-officers-come-fincen-pressure\/","title":{"rendered":"Casino Compliance Officers Come Under FinCEN Pressure"},"content":{"rendered":"

\"OnlineCasino compliance officers have complained that the tightening of anti-money laundering controls and heightened scrutiny by the U.S. Financial Crimes Enforcement Network (FinCEN)<\/a> is impacting the functioning of compliance officers.<\/p>\n

A panel at G2E<\/strong> composed of several casino compliance officers and regulatory experts discussed various issues in the casino industry<\/a> and highlighted the challenges facing the compliance role. The most worrying development is the increasing incidence of compliance officers taking the rap for any lapses in AML controls even if the officer is not to be blamed for the violation.<\/p>\n

Earlier this year, a U.S. District Court in Minnesota<\/strong> passed a ruling that compliance officers could be held responsible for the failure of the casino to adhere to AML regulations as defined in the Bank Secrecy Act. As a result of the ruling in the case, Thomas Haider<\/strong>, MoneyGram\u2019s chief compliance officer, was hit with a fine of $1 million for his company\u2019s negligence.<\/p>\n

Peggy Jacobs, Vice President of Gaming Compliance at MGM Grand<\/strong> said that it was a tricky situation. Compliance officers have the complex task of having to choose between reporting suspicious activities with little proof or being invasive of customers\u2019 transactions that might be upsetting to them. Since displeasing customers can result in loss of business, casino management teams and compliance officers are often at loggerheads as a result of opposing agendas. Jacobs explains that such situations quickly become major issues.<\/p>\n

In a statement, Peggy Jacobs<\/strong> said, <\/p>\n

Their [compliance officer\u2019s] casino is doing something and they don\u2019t feel it\u2019s going down the right path. They have the conversations, but the behavior doesn\u2019t change. They don\u2019t know where else to go, so they leave. It\u2019s driving away good compliance officers who want to do the right thing<\/p><\/blockquote>\n

Donna More<\/strong>, a gaming attorney with Fox Rothschild<\/a> in Chicago and a former Illinois gaming regulator also pointed out that the FinCEN\u2019s scrutiny was putting compliance officers in a spot. The choice cannot be between being indicted or losing one\u2019s job. She advocated for a more conciliatory and cooperative relationship between the industry and the regulatory body. <\/p>\n

The panel asserted that self-reporting was still the best system to manage laundering issues but added that this can be difficult to be implemented. Paul Havalchak of Pricewaterhouse Coopers who was moderating the session pointed out that there was a recent trend in FinCEN\u2019s approach to issuing fines – as most of the agency\u2019s recent fines have been on poker rooms<\/a>. This has been seen as a curious development since poker has been typically accepted as low risk in view of AML controls.<\/p>\n","protected":false},"excerpt":{"rendered":"

Casino compliance officers have complained that the tightening of anti-money laundering controls and heightened scrutiny by the U.S. Financial Crimes Enforcement Network (FinCEN) is impacting the functioning of compliance officers. A panel at G2E composed of several casino compliance officers and regulatory experts discussed various issues in the casino industry and highlighted the challenges facing […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,1],"tags":[],"class_list":["post-431","post","type-post","status-publish","format-standard","hentry","category-casino","category-usa"],"yoast_head":"\nCasino Compliance Officers Come Under FinCEN Pressure -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/casino-compliance-officers-come-fincen-pressure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Casino Compliance Officers Come Under FinCEN Pressure -\" \/>\n<meta property=\"og:description\" content=\"Casino compliance officers have complained that the tightening of anti-money laundering controls and heightened scrutiny by the U.S. Financial Crimes Enforcement Network (FinCEN) is impacting the functioning of compliance officers. A panel at G2E composed of several casino compliance officers and regulatory experts discussed various issues in the casino industry and highlighted the challenges facing […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legitgambling.com\/news\/casino-compliance-officers-come-fincen-pressure\/\" \/>\n<meta property=\"article:published_time\" content=\"2016-09-28T14:13:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-05-12T15:49:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2014\/10\/online-casino.jpg\" \/>\n<meta name=\"author\" content=\"Cameron Bishop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cameron Bishop\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script 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