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TRM Labs report describes crypto gambling routes used in alleged money laundering

Regulation

A TRM Labs report says Chinese underground banking networks use cryptocurrency, casinos and online gambling to move funds linked to organised crime. It describes schemes in which criminal proceeds are converted into gambling credits or cryptocurrency, wagered through casinos or online platforms, and withdrawn as winnings or business income.

The account identifies casino and online gambling channels that operators and regulators may need to consider in anti-money-laundering controls.

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Enforcement & compliance

Moroccan authorities investigate alleged cross-border money laundering through casinos

Moroccan authorities opened an investigation into suspected money laundering through casinos in Morocco and Spain, reportedly after compliance officers at three casinos flagged irregular transactions to Morocco’s National Financial Intelligence Authority. Investigators are examining alleged false poker winnings, transfers and possible casino-system or staff involvement; Moroccan customs and foreign-exchange authorities have introduced tighter currency checks at major ports and airports.

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