Trouble in Paradise: The Tinian Dynasty Hotel and Casino, where money-laundering violations had been systematic, according to FinCEN.
A Pacific Island casino has been fined an archive $75 million for violation of anti-money-laundering regulations.
The US Financial Crimes Enforcement Network FinCEN stated this week that the Tinian Dynasty Hotel & Casino in the Northern Mariana Islands was guilty of a ‘willful and egregious’ flouting of this Bank Secrecy Act for failing to file thousands of CTR (currency transaction reports).
The islands are an unincorporated territory for the United States and consequently liable to abide by its laws.
Since the passage associated with the Money Laundering Control Act 1986 it was a requirement for all US institutions that are financial file a CTR to FinCEN for almost any currency transaction over $10,000, as a measure to combat money laundering.
The act essentially eliminated the ‘right to financial privacy’ by declaring that a financial organization would no longer be held liable for declaring suspicious monetary transactions to your authorities.
While banking institutions have abided by these laws for the best part of two decades, FinCEN has recently clamped down in the casino industry, where the relationship between operator and high-rolling customer has usually been more discreet.
This past year, The Trump Taj Mahal in Atlantic City was fined (more…)