Las Vegas Review-Journal
April 9, 2014
Word that the U.S. Treasury Department may soon require the casino industry to report the source of gambling funds used by their big spending high-rollers sent a few shock waves through corporate offices.
It wasn’t so much a rumble as it was a magnitude 7.0 earthquake.
The move is part of a stepped-up effort by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to crack down on money laundering. Last September, FinCEN Director Jennifer Shasky Calvery told an audience at the Global Gaming Expo in Las Vegas that casinos could be subjected to the same requirements as banks and other businesses.