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Keeping criminality out of the casino

Las Vegas’s role in the commercialization of gambling means that criminals are still attracted to casinos and as a result, illicit money still finds its way into casinos banks despite their devotion to considerable compliance and use of anti-money laundering resources designed explicitly for keeping it out. 

In a new episode of Fraud Eats Strategy, White & Case senior counsel Ira Raphaelson is interviewed by FTI forensic practice leaders Scott Moritz and Rocco deGrasse, who ask Raphaelson to draw on his decades of experience advising financial institutions on anti-money laundering and corruption, particularly his experience as the former general counsel of Las Vegas Sands Corporation, to discuss the regulatory and compliance challenges faced by the casino sector.

"Casinos…have never really thought of themselves as financial institutions,” he said. “And yet the regulatory regime around the handling of money, which at the end of the day is exactly what casinos do…expects them to behave like a financial institution with appropriate controls in place."

Listen to the full podcast here

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