LA casino is hit with $500,000 fine after 'looking the other way' to potential money laundering
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Bicycle Hotel & Casino in Los Angeles County was fined $500,000. Staff failed to alert authorities when a high-roller brought $100million in cash to use on games of baccarat. The gambler, a Chinese national, visited the casino 100 times over an eight-month period in 2016.
LA casino is hit with $500k fine after 'looking the other way' to potential money laundering. High-roller, described only as a Chinese national, visited the Bicycle Hotel & Casino in Los Angeles County at least 100 times over an 8-month period in 2016. He brought $100M cash to bet on games of baccarat. The casino failed to file suspicious activity reports and improperly filed currency transaction reports in the name of the high-rollers assistant. It was raided in 2017 and the investigation revealed that the hotel failed. On Friday, federal prosecutors entered into a Non-Prosecution Agreement (NPA) with the casino requiring the establishment to pay a fine and improve its anti-money-laundering protocols.
