In reviewing the most common phases and techniques of money laundering appearing in FINTRAC case disclosures, the results are similar to previous years. The most often observed stages of money laundering were placement and layering and the most common techniques for money laundering were structuring and "smurfing." Structuring normally involves multiple cash deposits at amounts below the reporting threshold and "smurfing" is defined as multiple deposits of cash, and/or low-value monetary instruments, typically purchased from banks or money services businesses, by various individuals. Nominees (individuals and businesses) were also found to be involved in 15% of all cases disclosed in 2008-2009, a significant increase in comparison to approximately 4% of cases disclosed in 2007-2008. "Structuring" is a money laundering method that involves the division of cash or casino value instrument(s) to conduct a series of smaller value transactions in order to minimise suspicion and, in the case of cash, avoid threshold reporting requirements. Footnote 15 Structuring can also be combined with refining (structured refining) and currency exchanges (structured currency exchanges). When undertaken by a group of individuals, the method is also known as "smurfing." The principal subject made cash deposits to a business bank account, which was also credited with cash deposits made by third parties. FINTRAC suspected that these deposits were related to fraud schemes. The funds were withdrawn and used to purchase casino chips. The subject engaged in minimal gaming, and redeemed the chips in cash, depositing the payout to the front money account. Once the front money account had accumulated sufficient funds, the subject made a withdrawal by requesting a casino cheque. The casino cheque was negotiated at a financial institution, and the funds were used to purchase a bank draft payable to the subject. FINTRAC suspected that the bank draft was deposited to an account held by the subject at another financial institution. Layering involves converting the proceeds of crime into another form and creating complex layers of financial transactions to disguise the audit trail and the source and ownership of funds. This stage may involve transactions such as the buying and selling of stocks, commodities or property. There are three widely recognized stages in the money laundering process: Footnote 17 Priest, Lisa. "Casinos spend millions to make losers feel like winners." Globe and Mail. October 2, 2009. Back Casinos use a variety of value instruments to facilitate gaming on the part of their customers. The most common casino value instruments are casino chips, issued in various denominations and used, in lieu of cash, for gaming transactions. Footnote 9 Footnote 12 The drug dealer receiving the casino chips may attend the same casino at a later date, and redeem the chips for cash or a casino cheque. Casino chips can also be moved across borders, to be used as currency in illegal transactions or for money laundering activity. A large dollar value can be contained within a small number of chips, which are less bulky than cash, and the chips can cross borders without declaration, since most jurisdictions do not consider them to be monetary value instruments. Back Additional businesses, listed here in no particular order free palace pets app, were found to be associated to both fraud and drug/organized crime cases and included the following: A credit account allows the customer to borrow funds from the casino, which are to be repaid within an agreed upon period of time. Very few casinos in Canada offer this service, and only a small fraction of their customers have active credit accounts. Accounts are only made available to customers following a successful background check. Footnote 17 The possibility exists, however, for a customer to launder funds by establishing a credit account with a casino, and later repay the credit with the proceeds of crime. Credit accounts can also be used in conjunction with front money accounts to launder criminal proceeds. Footnote 1 Annual case reviews provide a complete picture of the trends and activities related to ML/TF within that year. Every case review better positions FINTRAC to be able to identify Canadian trends in ML/TF and ultimately share this information with reporting entities. Back This case highlights the use of casino value instruments and credit cards as methods of money laundering in casinos. Illicit funds were placed in the financial system, having been deposited to the individual's bank account and used to pay the individual's credit card account balance. The individual also layered transactions by obtaining funds from the bank account or credit card to purchase casino chips, and later converting the chips to a casino cheque which was deposited in the individual's bank account. Refining activity occurring in conjunction with currency exchanges has also been observed by FINTRAC: An associate of the subject engaged in similar activity. An account held by this individual at a financial institution was credited primarily with electronic fund transfers ordered by various individuals. FINTRAC suspected that the credits were related to fraudulent activity with an international dimension, a feature of many advance fee fraud schemes. These funds were used to purchase bank drafts payable to a casino, which were deposited to the individual's front money account. The individual engaged in minimal gaming activity. FINTRAC suspected that this individual also withdrew the funds held in the front money account once sufficient funds had accumulated, requesting cash or a casino cheque as desired. View the text equivalent for Figure 2 The number of cases disclosed by FINTRAC that include transactions at Canadian casinos increased significantly in 2008-2009, keeping pace with the overall increase in the number of cases disclosed. In 2008-2009, FINTRAC disclosed 112 cases which included transactions in the casino sector, compared with 43 cases disclosed in 2007‑2008. This represents 20% of the total number of cases disclosed by FINTRAC, which is the same percentage as observed in 2007-2008. When a series of money laundering schemes appear to be constructed in a similar fashion or using the same methods, the similar schemes are generally classified as a typology. A method refers to the particular procedure or series of actions used to carry out money laundering activity and normally involves a number of different techniques. A technique is the particular action or way that the money laundering activity is carried out. Footnote 7 Most canadian tire mastercard, if not all, casinos in Canada allow credit card purchases of casino value instruments, such as casino chips. The increase in identity theft and the rise of fraudulent and stolen credit cards makes casinos, like many other Canadian businesses, susceptible to fraudulent credit card transactions. In instances where the credit card has been stolen or fraudulently obtained, the customer may attempt to redeem the casino chips for cash, avoiding other types of payment to conceal the audit trail. FINTRAC determined that this individual was linked to the subject of a previous case related to drug importation/exportation, residential marijuana grow operations, the exportation of stolen vehicles and fraud. Canadian law enforcement was working with a foreign partner on the international dimensions of this investigation. % of Cases in Which Method Used As briefly mentioned in the section discussing the refining method, TITO is a relatively new system for slot machines and Video Lottery Terminals (VLTs) that is designed to replace coins or tokens. Traditionally, slot machine jackpots were paid by coins or tokens falling into the slot tray, which the customer would then collect in buckets. TITO replaces the coins with a slip of paper, or "ticket free casino slots blackjack," that contains a unique bar code. The ticket can be fed into other slot machines to continue play, scanned at cashier stations for a cheque or cash, or redeemed at an automated redemption machine. Many of the money laundering methods and techniques described in this report are known to casino regulators and operators. Criminals will continue to employ these methods and techniques as long as they are successful. The description of the use of credit cards in casinos as part of money laundering activity highlights another feature common to many FINTRAC case disclosures involving Canadian casinos. Often, the overall money laundering process includes transactions in more than one financial sector, and transactions at casinos represent only a part of the overall laundering scheme. Although casinos may not be privy to the transactions occurring through other sectors, knowledge of how certain casino transactions may be part of a money laundering scheme, or how certain casino transactions may be indicative of money laundering activity, will help casino staff identify suspicious transactions that should be reported to FINTRAC. The following chart represents the use of various sectors and/or services for ML/TF purposes in 2008-2009. This case was generated following the receipt of a suspicious transaction report from a casino. The individual mentioned in the report was the subject of a previous FINTRAC case disclosure to law enforcement. The subject was allegedly involved in advance fee and telemarketing scams, and had defrauded victims by advising them that they had won millions of dollars, but had to pay "taxes" before the winnings could be collected.
Additional businesses, listed here in no particular order, were found to be associated to both fraud and drug/organized crime cases Footnote 5 and included the following: In some Canadian casinos, the ticket dispensed by the TITO machines indicates whether the ticket was issued as the result of a jackpot, or whether it was issued as a result of the customer cashing out. Casino staff benefit from TITO machines which include this feature, as it provides an additional indicator as to whether the customer's activity is suspect and should be reported to FINTRAC. However, the majority of TITO machines in Canada do not include this feature, and in these cases, casino staff must rely on other security and surveillance mechanisms in place to identify this type of activity. View the text equivalent for Figure 1 Use of Casino Value Instrument In addition, approximately 20% of the cases which included transactions in Canadian casinos involved organized crime, from street gangs, to outlaw motorcycle gangs online slots canada flag, to traditional, transnational organized crime groups. While case disclosures involving organized crime groups related to a variety of predicate offences, the majority of case disclosures involving the presence of organized crime in Canadian casinos were associated with drug-related activity. The following highlights the techniques observed by FINTRAC in 2008-2009 which suggest the use currency exchange(s) as part of money laundering activity: First, it appeared that the individual deposited the proceeds of criminal activity to a bank account. The individual then layered the funds through casino transactions, making automated banking machine withdrawals at casinos and using the funds to purchase casino chips. Chips were later redeemed for casino cheques, which were deposited to the individual's bank account. While in some instances, case disclosures only involved individuals, they often also involved businesses. In fact, over 70% of 2008-2009 cases suspected to be related to drugs or fraud involved individuals and at least one business and, in most instances on line casino no deposite, multiple businesses. The chart below provides an illustration of how the number of cases involving businesses has changed over the last few years. Footnote 9 Ticket In Ticket Out (TITO) "tickets" are also an increasingly popular casino value instrument used in many Canadian casinos. Money laundering issues associated with TITO "tickets" are addressed in the fourth section of this report online casino canada roulette, which deals with vulnerabilities of specific casino services. Back Footnote 4 Internet payments systems (IPS) include various payment services offered online which include: 1) payment processing providers allowing merchants to authorize, settle and manage transactions from websites; 2) debit-account providers allowing users to accept electronic payments and make person-to-person funds transfers; as well as 3) digital precious metals operators offer a debit-account type IPS issuing digital currencies that are backed by precious metals. Back Integration involves placing the laundered proceeds back in the economy to create the perception of legitimacy. It is important to note that because FINTRAC is not an investigative agency, statistics related to the prosecution of, or asset forfeiture from black jack canada 777, a money laundering or a terrorist financing case that may contain information that FINTRAC disclosed montreal casino canada directions, is not included in the report. This report's focus is the intelligence that FINTRAC has been able to produce to assist investigations and the observed trends as they relate to Canadian casinos. Reporting from the casino sector also assisted FINTRAC in identifying two additional subjects top 10 online casinos roulette, who were linked to the individual through financial transactions. One casino reported that a third party purchased casino chips on behalf of the main individual, and also reported that the main individual purchased casino chips for the benefit of another party. The relevant designated information related to these third parties, as well as the main individual, were disclosed to two different law enforcement agencies. 47% Other offences, including theft, human trafficking, cigarette smuggling and corruption. This case highlights the use of a casino value instrument. front money account and currency exchange as methods of money laundering. 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