The B.C. Lottery Corporation has been under-reporting large cash transactions at its casinos that it is obligated to report to Canada’s money-laundering and anti-terrorism financing watchdog, according to a provincial audit.
The audit says that for the last three years BCLC has not complied with rules issued by the Financial Transactions and Reports Analysis Centre of Canada (Fintrac) that require reporting of smaller but repeat transactions that cumulatively make up more than the $10,000 threshold for reporting.
Although the lottery corporation, a provincial Crown corporation, has properly reported single cash transactions of $10,000 or more, it has a difference of opinion over a Fintrac rule governing how multiple transactions submitted by the same person within a 24-hour period totalling more than $10,000 should be reported.
Jeff Lee – Vancouver Sun – September 12, 2013.
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