As the legalization of marijuana gains momentum, casinos – wherever located – must take steps to manage the potential money laundering and related risks of providing services to customers in the marijuana industry. These risks in the U.S. are real regardless of whether a casino is located in a state, Tribal territory, or foreign country that has legalized recreational or medicinal marijuana.
This panel will bring together AML experts in private practice and casinos who have experience dealing with these and similar issues (e.g., hemp and CBD) to discuss compliance best practices, including developing specific due diligence, monitoring, and reporting procedures for customers that derive revenue from cannabis and ancillary businesses, which is becoming more difficult and important to detect than ever.
Moderated by Michael Bresnick, Chair, Financial Services Investigations and Enforcement Practice, Venable, the panelists will be:
· Jeffrey Hendricks, Vice President--Regulatory and Compliance, Eldorado Resorts
· Stephen Martino, Chief Compliance Officer, MGM Resorts
· Claiborne Porter, Partner, Squire Patton Boggs