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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If you claim $500k in winnings and get audited they’ll check that against records they already have of you buying $500k in chips and then cashing out $500k in chips and at that point, they have you dead to rights.
AML laws require that you show your ID and SSN for any transaction with a casino exceeding $10k. All of those transactions are reported to regulators.
If you do this in smaller amounts to avoid the 10k, it would work once or twice. It wouldn’t work when you reach hundreds of thousands of dollars. You wouldn’t have to convince the IRS that you are the luckiest gambler in history but you would have to convince a jury. If you don’t fess up and plea out, and you make them collect and look through the security footage of you gambling to prove you are laundering, don’t expect much leniency.
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