“My guess is that in many of these cases when you’re seeing large sums of money like this, there are illicit funds,” opined Cal Chrustie, a former RCMP investigator who dealt with money laundering and transnational crime.<\/p>\n
Peter German, a former RCMP deputy commissioner, added that financial regulators must take a closer look at the suspicious activity before deciding if additional investigations are needed.<\/p>\n
\nOne really has to look carefully at the numbers,” German explained. “You can have over-reporting and you can have underreporting. You have to assess the quality of the transactions. It’s important that the regulatory (OLG) is following up.”<\/p>\n<\/blockquote>\n
Investigating more than $372 million in transactions is no easy task, but the OLG’s workforce numbers more than 15K employees. Along with regulating casinos, the OLG runs the province’s lottery operations, iGaming, and sports betting businesses.<\/p>\n
Reporting Process<\/b><\/h2>\n
Canadian businesses required to file suspicious transaction reports send the filings to the OLG’s Anti-Money Laundering Team and FINTRAC, the Financial Transaction and Reports Analysis Center of Canada.<\/p>\n
FINTRAC reviews each report and creates a transactional history for the individual in question. FINTRAC works with the OLG to determine if a further investigation into the source of the funds is necessary.<\/strong><\/p>\nOntario Auditor General Bonnie Lysyk says the province must do more to crack down on money laundering. During her 2022 review of the OLG, Lysyk recommended that provincial lawmakers require casinos to “obtain proof of source of funds at buy-in for cash and cash-equivalent transactions for amounts of CA$10,0000 (US$7,450) or more.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Ontario casinos reported to provincial officials more than $372 million in suspicious transactions in 2022. Some believe more oversight of the money movement at the province’s casinos is needed.<\/p>\n","protected":false},"author":25,"featured_media":273689,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[81887,21],"tags":[38,81894,37,86143,83891,86344],"acf":[],"yoast_head":"\n
Ontario Casinos Report Increased Suspicious Activity at Cages<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n