The Financial Crimes Enforcement Network has fined a California casino over alleged willful violations of anti-money-laundering regulations, its first enforcement action against a casino in six years.
California-based Lake Elsinore Hotel and Casino has agreed to pay about $900,000 to settle allegations that it failed to comply with the Bank Secrecy Act for more than 4½ years, FinCEN said Wednesday. These violations included failure to implement and maintain an effective anti-money-laundering program and failure to file currency transaction reports and suspicious activity reports.
Wednesday’s fine comes as more new casinos crop up across the country. The gaming revenue from traditional casinos reached a total of $33.19 billion by August this year, 0.5% higher than the same period a year before, according to data from the American Gaming Association.
