Let’s say I have 500k in cash from fraudulent activities. It seems like I could just go to a casino and play games in a way that minimises my losses or even, if let’s say I was a big organisation, try to work with some casinos for them to launder my money for a lower fee.
I suppose there are rules in place to prevent this type of activities. But what are they? How is this prevented from happening? It seems like it’s really easy to launder money if I needed to
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By law, establishments that deal with financial transactions must follow tracking and reporting procedures. Establishments such as banks and casinos have AML/BSA (anti money laundering/bank secrecy act) teams to ensure the establishment is compliant with the law so they don’t get shut down. They’re required to report when an individual’s transaction amounts hit the law’s amount trigger, whether it’s the total of small transactions in a certain time window or a single large transaction, or if anything else about the transaction seems suspicious. The staff member handling the transaction(s) fills out a form called “Suspicious Activity Report (SAR)”, those reports get sent to a government agency called Financial Crimes Enforcement in the US (FinCEN). That agency is the one that collects reports from all the banks, casinos, etc. to analyze and investigate the likelihood that illegal shenanigans are afoot.
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