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The Dark Side of the Casino
From Viktor Nassermann: November 2015

What is a casino? For most people, a casino seems to be a kind of chic nightlife venue, where the casino game is restless and excitement is like a bubbling stream, where millions are won and lost in a few minutes. In general, that's an accurate formula, but have you ever wondered why for many years the casino was granted semi-legal status, and in our time, many countries are trying to somehow restrict or even ban casinos? The state takes care of people who cannot resist the game and become Gamblers - you might say? It may be concerned, but it is not the main reason.

The dark side of the casino

Criminal structures around the world use gambling to convert the proceeds of illegal activities in a transparent and perfectly legal income. It happens everywhere - whether it's Australia or the United States, Switzerland or the United Kingdom, South Africa and China. Money laundering for criminal organizations - is a mandatory step in the process of "making" money. The essence of the procedure remains unchanged for hundreds of years: the illegal income should be clean, that is obtained legally. On money laundering can take up to half of all the funds, but the remaining half will be crystal clear. And here comes into play the casino - is almost an ideal place to launder money.

The greatest risks in the casino

By definition, a casino - a non-financial institutions. Gambling casinos offer entertainment just as one of its activities, but they are also involved in a variety of financial activities, which makes them similar to financial institutions. And where finances - there exists the risk of fraud with them.

Most, if not all casinos (by the way, online casinos have the same finance activities) carry out financial activities, in particular:

• take the money to the account;

• carry out currency exchange;

• carry out the transfer of money;

• carry out money transfers;

• carry out the exchange rates of foreign currencies;

• perform services for the preservation of values;

• provide services to obtain funds and payment of funds on debit cards, transfer of checks into cash;

• providing services of safe deposit boxes, casino bonuses etc.

In most cases, financial services are available 24 hours a day.

That diversity, frequency and volume of transactions makes the casino is extremely convenient place for money laundering. After the casino in nature - this is a business where cash is widely used, and most of the operations carried out on the basis of cash. During one visit to the casino a customer may make several cash or electronic transfers to stage "procurement" during the game or at the stage of "translating into cash." And that's just the exchange of cash into casino chips, tokens or guaranteed checks, as well as providing electronic transactions to and from the casino deposit accounts - all these make the flow of funds and the casino itself an attractive target for fraudsters, money launderers.


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