The following summary of the legislative requirements under the MLTPA applies to you if you are a casino. A casino is an entity that is authorized to do business in Belize, where roulette or card games are carried on in the establishment, or where there is a slot machine – not including video lottery terminals – on the premises.
You must report where there are reasonable grounds to suspect that a transaction or an attempted transaction is related to the commission or attempted commission of a money laundering offence or a terrorist activity financing offence. You may access a copy of the STR Form by clicking here.
Large cash transactions
You must keep record of large cash transactions involving amounts of $6,000 or more in cash and make a monthly report to the FIU using the Monthly Transaction Report Form provided by the FIU.
Electronic Funds Transfers
You must report international electronic funds transfers of $6,000 or more that you send or receive. These include the transmission of instructions for a transfer of funds made at the request of a client through any electronic, magnetic or optical device, telephone instrument or computer.
You must take specific measures to identify the following individuals or entities if it involves $6,000 or more:
- Any individual who signs a signature card or conducts a large cash transaction
- Any individual with whom you conduct a large cash disbursement
- Any individual to whom you pay a casino disbursement
- Any corporation or other entity for which you open an account
- Any individual for whom you have to send a suspicious transaction
The following five elements must be included in a compliance regime:
- The appointment of a compliance officer
- The development and application of written compliance policies and procedures
- The assessment and documentation of risks of money laundering and terrorist financing, and measures to mitigate high risks
- Implementation and documentation of an ongoing compliance training program
- A documented review of the effectiveness of policies and procedures, training program and risk assessment
Penalties for Non-compliance
Non-compliance with the Money Laundering & Terrorism (Prevention) Act 2008 may result in criminal or administrative penalties.