AGCO Imposes $70,000 Fine on Fallsview Casino for Anti-Money Laundering Lapses

Enhancing Integrity in Gaming: AGCO’s Strict Action Against Fallsview Casino’s Compliance Failure

In a decisive move to uphold the integrity of the gaming industry, the Alcohol and Gaming Commission of Ontario (AGCO) has levied a significant $70,000 penalty against MGE Niagara Entertainment Inc., the operator of Fallsview Casino Resort. This action underscores the AGCO’s commitment to enforcing stringent anti-money laundering regulations and the importance of compliance in maintaining a secure gaming environment.

Violation of Anti-Money Laundering Standards

Fallsview Casino Resort faced scrutiny following an incident in April 2023, where a high-risk patron presented $80,000 in cash at the Salon Privé. Despite the large sum and the patron’s risk profile, the casino failed to notify the AGCO or the on-site police, breaching critical anti-money laundering protocols.

Casino’s Oversight in Patron Monitoring

The incident highlights a significant oversight in the casino’s responsibility to monitor and report suspicious activities. The casino’s failure to validate the source of the patron’s funds, as mandated by the Registrar’s Standards for Gaming, led to this substantial monetary penalty.

AGCO’s Commitment to Gaming Safety

The AGCO, along with its dedicated Ontario Provincial Police bureau, remains dedicated to ensuring the safety and security of gaming in Ontario. This enforcement action is part of the AGCO’s broader strategy to rigorously monitor compliance with gaming standards and safeguard against unlawful activities, including money laundering.

Rights to Appeal the Penalty

MGE Niagara Entertainment Inc. holds the right to appeal the AGCO’s order to the Licence Appeal Tribunal (LAT), an independent adjudicative body. This appeal process underscores the fairness and transparency of regulatory actions in Ontario’s gaming sector.

AGCO’s Vigilance Against Unlawful Activities

Dr. Karin Schnarr, CEO and Registrar of AGCO, reaffirms the organization’s dedication to preventing unlawful activities in gaming. Casino operators are pivotal in this mission, and the AGCO ensures that they adhere to the highest standards to protect the public interest and maintain the integrity of the gaming industry.

Conclusion:

The AGCO’s imposition of a $70,000 penalty on Fallsview Casino for anti-money laundering violations serves as a stark reminder of the critical importance of regulatory compliance in the gaming industry. This enforcement action reflects the AGCO’s unwavering commitment to ensuring that gaming operators in Ontario operate within the law, safeguarding the industry’s integrity and the public’s trust. As the regulatory landscape continues to evolve, the AGCO stands as a vigilant guardian against potential risks in the gaming sector.