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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A casino must report any aggregate transactions that exceed $10k. So, you buy $10k worth of chips, a report gets filed. You cash out $10k worth of chips, a report gets filed.
They also have to report anything that looks like structuring, where it appears someone may be attempting to avoid transactions over $10k (e.g. cashing $9,999 worth of chips, or two $6,000 transactions).
This is how it is detected and, to a degree, prevented, because it’s hard to launder any significant amounts of money if you can’t move in/out more than $10k at a time.
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