Could cashless casinos solve China’s money laundering problems?

Richard Malish is General Counsel at NICE Actimize where he counsels on global anti-money laundering, fraud, trading compliance and banking regulatory matters.

Recently it was reported [1] that at least five Chinese-owned resorts are again attempting to introduce entertainment bars in the luxury resort island of Hainan that pay out winnings in the form of points which can be redeemed in local shops, restaurants and hotels. Given the massive shift towards cashless payments in China, it raises an interesting question, says Richard Malish of NICE Actimize, as to whether it is possible for all of China’s casinos to go cashless and thereby reduce their money laundering and capital flight problem.