Bank Drafts Exploited For Casino-Based Money Laundering, Authorities Warn

Canadian officials have issued a warning to financial institutions to be on the lookout for attempts to launder money using bank drafts at casinos, a vector growing in popularity after law enforcement cracked down on cash-based laundering.

In an operational alert, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) warned of an upswing in the number of suspicious casino-related transactions involving bank drafts reported as part of Project Athena — a public-private partnership aimed at stemming money laundering in Canada.

Although cash historically has been the preferred medium of casino-based money laundering, bank drafts — checks issued and guaranteed by a financial institution — have become more popular in recent years.

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