Regulatory Alerts2017-11-17 | 2017-05Added
Assessment of Civil Money Penalty Against Artichoke Joe’s Casino
FinCEN imposes an $8,000,000 civil money penalty on Artichoke Joe’s Casino for willful violations of the Bank Secrecy Act from October 19, 2009 through the date of the assessment. The penalty addresses the card club's failure to implement an effective anti-money laundering program, including inadequate internal controls, lack of independent testing, and failure to monitor suspicious activities such as loan-sharking and anonymous betting. Additionally, the entity is sanctioned for failing to file timely and complete Suspicious Activity Reports, with over a quarter of filings submitted more than 90 days after detection and numerous transactions involving patrons redeeming large sums of chips without corresponding cash-in activity left unreported. The penalty is due within 30 days of the assessment date.