Therefore it may only take a few instances of
evidenced money laundering activity, or inadequate risk assessments and AML controls in the betting or other sectors for the remit of the Regulations to be extended to the wider industry.
Once Levy was a Madoff client, the relationship included classic, unchecked
evidence of
money laundering for years and years that should have resulted in legally - mandated Suspicious
Activity Reports (SARs) filed with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN).