When employees at Bicycle Casino and Hotel decided to look the other way of suspicious activity, their half-a-million-dollar fine became a cautionary tale to learn from. Bad acting should be tracked and reported, but would you know what to look for if it happened at your casino or gaming organization?
In this use case, you’ll learn the importance of AML training for your casino and team members, so you don’t look the other way if it happens on your watch. You can stop money laundering its tracks! Here’s how your property can gain from Bicycle Casino’s half-a-million-dollar loss:
In 2016, an unnamed Chinese national and their accomplice spent eight months on a gambling spree, betting on several high-stakes card games, at Bicycle Casino and Hotel. At times, the bad actor brought in duffle bags full of cash, ultimately cashing in approximately $100 million dollars over the months-long period. Not only were more than $10,000 in chips bought in cash during visits to the casino, but the accomplice’s name was often used in filling out forms—both acts are violations of the law. In 2017, this same casino was raided by authorities under suspicion for money laundering. By 2021, the reported incident in 2016 was settled out of court, and Bicycle Casino and Hotel received a fine of $500,000 and a warning to improve its anti-money laundering protocols.
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Vector Solutions for Casinos has been in the industry for over 10 years, as the leading Saas provider for online Title 31 and Anti-Money laundering training, helping clients meet federal mandates for reporting certain currency transactions to uncover money laundering and other financial crimes. Over the years we have built a comprehensive gaming-specific course catalog containing nearly 150 online training courses from Customer Loyalty, to Safety, Leadership Training and more, all hosted in our powerful Learning Management system, Vector LMS (formerly CELEXA, a Casino Essentials brand).
We proudly serve over 350 casinos nationwide. Vector LMS for Casinos is trusted by Boyd Gaming, Jack Entertainment, Bally’s Corporation, Four Winds Casinos, Wind Creek Hospitality, Desert Diamond Casinos, Muscogee Creek Nation Casinos, Delaware North Casinos, & Foxwoods Resort Casino and more! Our learning management system, Vector LMS for Casinos, is the most user-friendly platform on the market.