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Goa notifies anti-money laundering guidelines for casinos

PTI Panaji | Updated on March 12, 2018 Published on January 11, 2013

The new rules make it mandatory for casinos to know the identity of the customer and source of his money before he is allowed to gamble.

The Goa Government has notified anti-money laundering and financing of terrorism guidelines, 2013 which will keep a strict check on casinos operating in the State so that they do not indulge in illegal money transactions.

Unveiling the new notification guidelines for the casinos here last evening, Goa Home Ministry made it mandatory for them to know the identity of the customer and source of his money before he is allowed to gamble.

The new guidelines make it compulsory for the casino operators to report a financial transaction of more than Rs 10 lakh to the financial intelligence unit of Government of India.

The guidelines also make it mandatory for the casino operators for putting KYC (know your customer) norms in place.

Special checks will have to be maintained on the politically exposed person (PEP), who will be under scanner at the casinos, according to the notification.

“PEP is an individual who is or has been representing prominent public functions in a foreign country, head of states or of governments, senior politicians, senior judicial or military officers, senior executive of state owned corporations or important political party official,” the guidelines read.

It has been made compulsory that all the relevant data related to customers should be preserved for at least 10 years, the notification mentioned.

Goa has four offshore casinos currently working in Mandovi river alongside Panaji city while there are a dozen on shore ones attached to various five-star hotels.

Published on January 11, 2013
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