Loto-Québec tackles money laundering

Loto-Québec tackles money laundering

Loto-Québec was founded in 1969 to operate the public lottery in Quebec. Then, it gradually opened up to other activities. For example, it created 4 gaming establishments. Among them, we can mention the Charlevoix Casino.

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Last year, a series of press articles implicated this public company in rolling out the red carpet to several people linked to organized crime, which would have facilitated the laundering of dirty money. Although these accusations were immediately refuted by Loto-Québec, the company now wants to fight even more actively against this type of practice, which is prohibited by law, reported https://bollywood-casino.com/game/live-teen-patti/.

This should be done through different systems, including one that could lead to the end of cash in the group's casinos.

A test implemented in the fall of 2022 in at least one complex

At this time, Loto-Québec is seriously considering implementing a card system. Each player would receive a single card that could be funded via a deposit and then used to play at traditional tables or slot machines.

In blackjack, for example, this card would be used to receive chips. However, it would be impossible to stop playing and leave with your chips. Our winnings would be transferred to our precious card. By operating in this way, Loto-Québec believes it will be easier to detect suspicious transactions and better track money.

This system should be implemented to test its effectiveness in at least one casino during the fall of 2022. If successful, it is expected to be rolled out to all of the group's other gaming facilities.

Due diligence for amounts starting at $3,000

Loto-Québec does not seem to want to be satisfied with this system alone in the fight against money laundering. In fact, since last June, the company has also implemented a due diligence process for all clients who deposit more than $3,000, whereas previously this process only concerned amounts exceeding $10,000.

This process consists of verifying the identity of the player and the source of the money, and keeping all this information in a safe place if needed.

Following accusations of money laundering in the press

As mentioned in the introduction, all of these different measures are the result of a series of press articles from last fall. In these texts, the Casino de Montréal and other complexes of the Loto-Québec group were accused of offering privileges to certain members of the mafia. This led the Minister of Finance (Eric Girard) to order an external audit on the issue of money laundering.

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In its defense, the Crown corporation denied the accusations and claimed that it did not have the power to deny access to its establishments to any individual, even if he or she belonged to organized crime. At present, Quebec is working on a regulatory framework to allow it to do so.

 
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