Ontario Casinos Detect $372M in Suspicious Cash Transactions in 2022, Prompting Calls for Urgent Action from Critics
Ontario casinos have detected $372 million in suspicious cash transactions in 2022, prompting calls for urgent action from critics. The alarming figure was revealed in a report by the province’s gaming regulator, the Alcohol and Gaming Commission of Ontario (AGCO).
The report found that the majority of the suspicious transactions were made at casinos in the Greater Toronto Area, with the largest amount detected at the Woodbine Racetrack casino. The AGCO noted that the transactions were made using large amounts of cash, often in denominations of $20 bills, and were frequently made by individuals with no apparent source of income.
Critics have called for urgent action to be taken to address the issue, with some suggesting that the province’s casinos should be subject to stricter regulations and oversight. They argue that the large amounts of cash being exchanged at casinos make them an attractive target for money launderers and other criminal organizations.
In response to the report, the AGCO has announced a number of measures aimed at addressing the issue. These include increased training for casino staff on how to identify suspicious transactions, as well as enhanced reporting requirements for casinos.
The AGCO has also said that it will be working closely with law enforcement agencies to investigate any suspicious activity detected at Ontario’s casinos. This will include sharing information with police and other agencies to help identify and prosecute those involved in money laundering and other criminal activities.
Despite these measures, some critics remain skeptical about the effectiveness of the AGCO’s efforts. They argue that more needs to be done to address the root causes of money laundering and other criminal activities, such as poverty and inequality.
Overall, the detection of $372 million in suspicious cash transactions at Ontario’s casinos is a cause for concern. While the AGCO’s measures are a step in the right direction, more needs to be done to ensure that Ontario’s casinos are not being used as a vehicle for criminal activity.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Source: Plato Data Intelligence: PlatoData