As of July 1, 2015, AGLC will be responsible for ensuring that casinos and RECs comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), associated Regulations and FINTRAC guidelines.
As a result, AGLC has created the Anti-Money Laundering Program to ensure all casinos collect and report key casino transaction information to AGLC consistently and accurately.
Patrons will ultimately see a change in what information they need to provide and when they are asked to provide it. These changes will help us to ensure all Alberta gaming facilities continue to offer safe entertainment experiences for patrons.
What is Money Laundering?
Money laundering, simply put, is the process whereby the source of the funds was acquired through criminal activity and placed into the financial system to conceal the illegal proceeds. These funds can then be used to finance criminal and terrorist activities.
What is AGLC’s Anti-Money Laundering Program?
As of July 1, 2015, AGLC is responsible for ensuring that casinos and RECs comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), associated Regulations and FINTRAC guidelines.
As a result, AGLC has created the Anti-Money Laundering Program to ensure all casinos collect and report key casino transaction information to AGLC consistently and accurately.
What information will AGLC be collecting?
How is this different from how things were done prior to July 1, 2015?
Prior to July 1, 2015, casinos were in charge of implementing their own reporting regimes and reporting to FINTRAC. This resulted in many casinos having their own standards and procedures.
After July 1, 2015, all Alberta casinos and RECs must collect additional personal information via approved forms of government identification from patrons involved in the following:
- Buy-ins totaling $10,000 or more in a 24-hour period (large cash transactions)
- Cash -outs, slot jackpot payouts and tournament wins totaling $10,000 or more in a 24-hour period (casino disbursements); and
- Foreign exchange transactions of $3,000 or more.
This personal information is protected under Alberta’s Freedom of Information and Protection of Privacy Act (FOIP). If required, identification is ascertained by requesting a valid (non-expired), original document from the patron which must be issued by a provincial, territorial or federal government. The identification must have a photograph and a unique identifier.
As well, it is important that casino staff and volunteers alike are keeping an eye out for unusual transactions.
Who is FINTRAC?
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is a federal financial intelligence agency that helps protect the integrity of Canada’s financial system. It was established collect, analyze, assess and where appropriate disclose financial information to detect, deter and prevent money laundering and terrorist financing activities.
What needs to be reported to FINTRAC?
AGLC must report patron personal and financial transaction information at specific thresholds to FINTRAC. It is the casino and the charity advisor’s responsibility to ascertain patron identification and other personal information to complete the relevant forms pertaining to such transactions. Financial transactions such as buy-ins, disbursements, foreign exchange, and third party transactions have reporting requirements.
This information when collected is submitted to AGLC Anti-Money Laundering Unit for review and submission to FINTRAC.