Canada’s British Columbia Lottery Corporation (BCLC) has appointed an external auditor to support its anti-money laundering programme.
The auditor will work to ensure that BCLC’s Casino Service Providers are completely and accurately recording information regarding the source of players’ funds, in order to prevent money-laundering activities in British Columbia casinos.
“As an industry, we are actively engaged and committed to continually improving the anti-money laundering practices in B.C. casinos to stay current with an ever-changing challenge,” said Jim Lightbody, president and chief executive of BCLC.
“For instance, it is essential that BCLC work together with our casino service providers to ensure that source of funds declarations completely and accurately record the necessary information as one means to help keep dirty money out of B.C. casinos.”
BCLC’s Source of Funds declaration requirements were introduced in January in response to recommendations from Dr. Peter German as part of his independent review of British Columbia’s anti-money laundering policies and practices.
However, BCLC’s initial monitoring of compliance with source of funds declaration requirements determined the need for additional third-party oversight.
The declarations apply to all transactions of CAD$10,000 or more, with BCLC stating that additional monitoring will continue until the company is satisfied that its service providers are fully compliant.
In addition to third party monitoring, BCLC is also working with province’s gambling regulator, the Gaming Policy and Enforcement Branch (GPEB), which is auditing the overall source of funds process.
“BCLC will continue to work in collaboration with the regulator to support ongoing monitoring and success of the policy,” the company stated.