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What casinos, bitcoin tell us about money laundering

Joe Mont | August 16, 2018

During a pair of recent speeches, Kenneth Blanco, director of the Treasury Department’s Financial Crimes Enforcement Network, discussed money laundering issues for—and the need for cooperation from—casinos. Another topic: the regulatory perils of virtual currencies.

“I believe casinos are good and important partners that have made significant progress in recent years with respect to Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). There are, of course, as in most industries, areas for improvement,” Blanco said at the 11th Annual Las Vegas Anti-Money Laundering Conference and Expo.

He stressed that FinCEN is able “to do important things with the data that casinos and other financial institutions provide every day.”

“As many of you know, Bank Secrecy Act data is one of the first lines of defense in our fight against all kinds of crime and bad acts, including terrorism,” Blanco said. 

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