Audit criticizes BCLC on large cash transaction reporting
13 Sep 2013
VICTORIA, British Columbia -- An audit has criticized the British Columbia Lottery Corp. and found it is not following the correct rules around reporting large cash transactions at provincial casinos, the CBC reported.The audit found the BCLC shoud have been reporting smaller repeat transactions that add up to $10,000 in a 24-hour-period, the CBC report said.
The BCLC requested clarification on the Fintrac rules of reporting smaller transactions in a 24-hour-period that then add up to the required threshold to file a report, the CBC report said.
The cash transaction reporting rules exist to alert police to criminal activity and to protect against casinos being used to launder money.