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11/11/2021
LA-area casino settles money laundering case for $500,000
AP News
LOS ANGELES (AP) — A Los Angeles-area casino will pay $500,000 to settle allegations that it violated anti-money laundering laws by failing to properly file reports about a Chinese player who spent millions in cash, authorities announced Friday.
The Bicycle Hotel & Casino in Bell Gardens agreed to pay the revenue it made from the player’s gambling and to accept beefed-up review and reporting requirements, the U.S. attorney’s office said in a statement.
In return, prosecutors won’t bring any criminal case against the casino for alleged violations of the Bank Secrecy Act, which requires reporting of high-value or suspicious currency transactions in order to prevent criminals from laundering illicit proceeds.
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