πŸ– Artichoke Joe’s fined $8 million by FinCEN for AML violations, loan sharking - CDC Gaming Reports

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THe long time California casino, Artichoke Joe's, was hit with an $8 million fine for violating U.S. anti-money laundering laws over the past 8.


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Artichoke Joe's Casino, a California card club (a gaming establishment that only offers card games), has been fined $8 million for numerous.


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News emerged last Friday that California-based Artichoke Joe's Casino suffered a significant blow as it was fined by the federal Financial.


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The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department imposed an $8 million fine on Artichoke Joe's Poker, a California card.


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Enforcement Network (FinCEN) announced that it had fined a California card club, Artichoke Joe's Casino, $8 million for numerous willful.


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Artichoke Joe's Casino, a California card club (a gaming establishment that only offers card games), has been fined $8 million for numerous.


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Artichoke Joe's Casino, a California card club (a gaming establishment that only offers card games), has been fined $8 million for numerous.


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The federal Financial Crimes Enforcement Network has hit Artichoke Joe's Casino in San Bruno with an $8 million penalty for allegedly.


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The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department imposed an $8 million fine on Artichoke Joe's Poker, a California card.


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The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department imposed an $8 million fine on Artichoke Joe's Poker, a California card.


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Bank Secrecy Act. Sign Up Log in.{/INSERTKEYS}{/PARAGRAPH} Published In: Anti-Money Laundering. Fox Rothschild LLP. The Internal Revenue Service, which examines card clubs for compliance with the Bank Secrecy Act, conducted an examination in that identified significant violations of the Bank Secrecy Act. Fox Rothschild LLP on:. Money Laundering. In particular, the card club failed to adopt adequate policies and procedures to address risks associated with gaming practices that allow customers to pool or co-mingle their bets with relative anonymity. Send Print Report. Senior-level employees knew that loan-sharks were conducting criminal activity through the card club and using gaming chips to facilitate illegal transactions. {PARAGRAPH}{INSERTKEYS}In its assessment , FinCEN found that during the last eight years, the card club failed to implement and maintain an effective anti-money laundering program and failed to detect and adequately report suspicious transactions in a timely manner. To embed, copy and paste the code into your website or blog:. The card club also failed to file complete and timely reports on suspicious transactions involving potentially structured chip redemptions and purchases, and redemptions of large volumes of chips with no cash-in or gaming activity. This significant action highlights the need for all entities, including those in the gaming industry, to build a robust culture of compliance into their policies and procedures to ensure they are not facilitating illicit activities. Casinos, card clubs and others in the gaming industry should consider their risk of exploitation by criminal elements, and understand that they will be held accountable if they disregard anti-money laundering and illicit finance laws. Matthew D. This is the third enforcement action against a card club for FinCEN, the only federal regulator with anti-money laundering enforcement authority over card clubs. General Business.