Normandie Casino $1 Million Fine for Shielding High-Rollers

The Normandie Casino in California has been fined £1 million for concealing big wins by high-roller clients from the tax man. It has also being forced to pay a further $1.4 million to the government for lost revenues.

Casinos are required to inform the state of large wins by clients in excess of $5,000, as the state taxes large gambling wins at 25%.

The casino pleaded guilty to violating the Bank Secrecy Act by shielding its high-rollers from the federal government. The biggest reported infringement involved a client, who won over $1 million. The casino’s action saved the client over $250,000 in tax denied to the state.

The United States has an array of anti-money laundering statutes designed to prevent criminals from using the American financial system to launder the large sums of cash generated by illegal activity such as organized crime, drug trafficking and human trafficking. Casinos and card rooms such as Normandie are cash-intensive businesses that are particularly attractive for use by criminals seeking to launder their ill-gotten gains, so they must be vigilant in meeting their obligations under those laws.

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