Money laundering is the process of making illegally acquired (i.e. “dirty” money) appear legal (i.e. “clean”). It is not confined to casinos: there are multiple methods of money laundering. Casino money laundering is simply one of them. For example, if you have money you received from a bribe, you can get your cash illegally converted into casino chips for a fee by a junket. This is the placement stage. You can then take these chips to a casino to gamble with or simply cash in. This way, no-one will know the money you have if from a bribe – it will look like you won it fair and square. Another way is to simply buy a whole lot of casino chips at the casino with a suitcase of cash. However, this will probably look highly suspicious. If you do gamble with the chips this is called gambling money laundering – a way to introduce some risk and a fun time in your casino money laundering process, and also make it look less suspicious.
It’s not just cyber crime riling up casinos around the world. All casinos must be on the lookout for a host of potential threats from multiple angles. The world has changed in so many ways, society has propelled itself to a new era where we are technologically advanced in every aspect, yet it is sometimes … Read more