Prevention of money laundering in Dutch casinos

Lilith C. Waterman and Jasper J. van der Kemp

Journal of Money Laundering Control, 2009, vol. 12, issue 4, 340-352

Abstract: Purpose - The purpose of this paper is to assess the possibilities of formulating risk behavior characteristics to determine a guest's risk category on money laundering in casinos. Design/methodology/approach - A total of 148 guests (27 women and 121 men) and their registered events (1,184 events) are analyzed by using a form of canonical correlation analysis: OVERALS. Out of the 148, 37 guests have been excluded from financial services on suspicion of criminal behavior; this group appears to show an unacceptable risk. Another 37 guests are supposed to cause a low risk and 74 guests a medium/high risk. Findings - The results suggest that the three groups are very distinct in gambling and behavioral characteristics. It seems remarkable that the variables resembling “keeping an eye on the guests” are mainly in the risk category medium/high. Research limitations/implications - A large part of the research group was deliberately composed of those who brought a high risk to Holland Casino. For that reason, the research group is not representative for the population of the visitors to Holland Casino. Practical implications - On the basis of this paper, casinos are able to validate and improve their safety policy concerning money laundering. Also other financial institutions can analogically apply the used research method. Originality/value - This topic has hardly ever been researched, although the need is apparent. Casinos are obliged to their guests and society as a whole to provide a safe environment. Besides that, it is illegal to facilitate money laundering.

Keywords: Money laundering; Casinos; The Netherlands; Risk intelligence; Risk management (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:13685200910996047

DOI: 10.1108/13685200910996047

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