On Air Now

Upcoming Shows

Program Schedule »

Tune in to Listen

1440 AM Green Bay, WI

Weather

Current Conditions(Green Bay,WI 54303)

More Weather »
38° Feels Like: 31°
Wind: NW 9 mph Past 24 hrs - Precip: 0.05”
Current Radar for Zip

Today

AM Rain/Snow Showers 48°

Tonight

Partly Cloudy 28°

Tomorrow

Partly Cloudy 47°

Alerts

  • 0 Severe Weather Alerts
  • 0 Cancellations

Sands beefs up anti-money laundering safeguards: WSJ

The Las Vegas Sands company logo is seen in front of its construction site in Macau November 14, 2008. REUTERS/Bobby Yip
The Las Vegas Sands company logo is seen in front of its construction site in Macau November 14, 2008. REUTERS/Bobby Yip

NEW YORK (Reuters) - Las Vegas Sands Corp is no longer making international money transfers for its high-end casino customers and is revamping its compliance procedures as it faces regulatory scrutiny, the Wall Street Journal reported, citing people familiar with the matter.

The casino operator, which is the subject of a money-laundering investigation by U.S. authorities, has recently hired three former FBI agents to beef up its anti-money-laundering efforts, the Journal reported.

U.S. regulators are taking a look at the casino industry and considering tougher rules to combat money-laundering, the Journal said, citing Treasury Department officials.

The Sands, controlled by billionaire Sheldon Adelson, is also planning to improve the background checks the company does on its VIP customers and is retraining its staff on U.S. antibribery laws.

Sands has been in talks with U.S. authorities to resolve a probe into whether the casino failed to alert officials about suspicious transactions of two high rollers at its Las Vegas casino, people familiar with the matter told the Journal.

A spokesman for Sands did not immediately respond to a call from Reuters seeking comment.

A spokesman for the Sands told the Wall Street Journal: "We have and will continue to build and enhance the best compliance processes in the business because we are leaders and good corporate citizens."

U.S. law requires casinos to report suspicious money transfers.

Regulatory changes could impose other requirements, such as collecting identification records for high-end customers and doing more research on customers' sources of funds, the Journal said, citing people familiar with the matter.

(Reporting By Dena Aubin; Editing by Chris Gallagher)

Comments