Banks have a right to refuse slot machine cash – BBA

Commercial banks here are making it clear they will not risk their relationship with corresponding banks around the world to satisfy slot machine operators.

President of the Barbados Banking Association (BBA) Donna Wellington today defended the rights of the financial institutions to refuse large deposits from these operators.

“Each bank currently enjoys cordial relations with their respective correspondent banks and each bank will make decisions as to who they bank with and who they don’t. Banks are private corporations and they can choose their customer base and they do so based on the levels of risk that they are comfortable,” Wellington told Barbados TODAY Tuesday afternoon.

It was during the opening ceremony of a three-day anti-money laundering workshop here Monday that Attorney General Adriel Brathwaite disclosed that the banks were refusing to accept cash from the slot machine operators because the money was being deemed proceeds from gambling.

Insisting that the operators were running legitimate enterprises, Brathwaite complained that the international agencies that painted everyone with a wide money laundering brush were forcing Barbados “back to days where suitcases of cash” were being moved around “because people cannot bank legitimately”.

“A couple days ago a legitimate business sent me a note on WhatsApp with lots of cash on a table saying, ‘AG help me, we don’t know what to do with this; our bank account has been deactivated and we are paying our staff with cash’, and they can’t operate like that,” Brathwaite said.

However, Wellington explained that while banks operating in Barbados were not mandated by any international regulatory body to refuse deposits from these businesses, there was too much at stake.

The BBA president stressed that even though slot machine operators may indeed run legitimate businesses, there was no way of getting around the label of gambling enterprises.

“When there are elevated risk levels and challenges around money laundering, we have to be careful about these issue from a regulatory standpoint. We also have correspondent banking relationships to maintain to carry on our business because that is our gateway to the world so it is vital that we keep those relationship,” Wellington stressed.

The banking executive did not reveal the number of operators who had been designated as gambling enterprises and had been locked out of the banking system as a result.

It has become increasingly common for large banks and other financial institutions to restrict or terminate relationships with categories of customers they believe pose a high risk of money laundering, terrorist financing or other forms of crime, according to the Financial Action Task Force (FATF), the inter-governmental body which promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

This has become a severe problem in correspondent banking where global banks have been closing down relationships with many of their respondent banks, especially in emerging economies, partly for commercial reasons, but mainly because these smaller banks cannot always meet today’s higher financial crime standards, the FATF said.

37 Responses to Banks have a right to refuse slot machine cash – BBA

  1. Kaiser Sose
    Kaiser Sose May 24, 2017 at 12:46 am

    Im being kind maam you are an ass.These businesses pay taxes and hire bajan folk.

    • Jennifer May 24, 2017 at 3:41 am

      Well said – she is just an employed duck. She don’t even own the door.

      • Milli Watt May 24, 2017 at 9:54 am

        @ Jennifer and Kaiser agreed with the comment, you see how firm the response is. when the banks were banking money for the Turf Club it was not a problem. My question is how do you manage large retail stores who deal in cash transactions. This is what we spend tax dollars on educating de clowns to come up with this.

        • Milli Watt May 24, 2017 at 9:55 am

          I wonder if this means there will be no gambling permits issued for hotel chains coming to the island. Christians should be happy

  2. Sheldine Dyall
    Sheldine Dyall May 24, 2017 at 1:01 am

    Why the banks started taking it from years ago.

    • hcalndre May 25, 2017 at 6:57 am

      This is a great lesson for the bajans that`s thinking of returning with their hard earn money to Barbados, leave it right where you earned it and just have things in order where you can go to an ATM and withdraw what you need.

  3. Bajan May 24, 2017 at 3:45 am

    Barbados wake up! I encourage Bajans and west Indians alike to watch these two Youtube videos.

    1. All Wars Are Bankers’ War.

    2. Douglas Beal: An Alternative to GDP That Focuses On Wellbeing, Not Just Wealth

    Be open minded.

  4. Swindley Edwards
    Swindley Edwards May 24, 2017 at 4:10 am

    After 50 years when will BARBADOS become a sovereign nation with sensible law and rules, WHEN

    • hcalndre May 25, 2017 at 6:00 am

      @Swindly, You can`t be a beggar and a chooser, someone once told the bajans that they were punching above their weight so they mistakenly believed that they were in the same league with the big boys, now they are crying that they should not be treated the same as the big countries.

  5. Bradg May 24, 2017 at 4:58 am

    I recall one infamous person who ran into this problem was allowed to use the services of the Central Bank.

    • hcalndre May 25, 2017 at 6:09 am

      Bradg, I asked that question, what has become of that $10m, since things have change? but looking at it a second time, if the banks refuse money because they are not sure of the source and the CB can say bring it here we will keep it for you, then what you think would be said about the CB of Barbados.

  6. Jeff Weekes
    Jeff Weekes May 24, 2017 at 5:35 am

    But take money from “thiefing” lawyers and drug dealers.

  7. Prince Trémaine
    Prince Trémaine May 24, 2017 at 6:05 am

    I wonder how this would have gone down if BNB was not sold off. I wonder.

  8. Alex Alleyne May 24, 2017 at 6:26 am

    The days of persons taking “large sums of cash” to business and paying a “fee” for them to deposit it in their account “are OVER”.

  9. Harry May 24, 2017 at 6:49 am

    I am a little confused here, what happens in Las Vegas & Atlantic City where mega money is taken everyday – is this money not banked? don’t the US Banks not accept this money?

    Personally I have become very disenchanted with local banks there really is no incentive for anyone to have say a savings account, as the interest rate paid is very low and the account is hit wit a service charge every month. I recently terminated an investment with a Local financial Company and went to my bank to deposit the money, after a 45 min wait in line i reached the cashier who then told me i had to fill out a form as my deposit was over a certain level, having done this she then had to take it to a Manager/ Supervisor to have it approved total time spent in the bank 1 hour & 15 mins.

    • Jennifer May 24, 2017 at 8:30 pm

      Its the education = share nincons

  10. Akeem Thompson
    Akeem Thompson May 24, 2017 at 6:51 am

    America should close down Las Vegas then

  11. Greengiant May 24, 2017 at 7:19 am

    This is a simple precursor to legalized gambling in Barbados. Obviously if the banks are refusing their deposits, deeming it the proceeds of gambling. They’re doing this because there’s no defined gambling legislation in Barbados and there’s still much revenue circulating from unlicensed gambling that’s not banked.

    So the banker’s position is simple, ” legalize gambling, with regulations that will generate additional taxes for government and increased deposits for them “. This is the biggest financial set up for several decades. It’s a win / win for bankers and the treasury.

  12. Observer May 24, 2017 at 7:53 am

    One way for the slot machine operators to get rid of some of that money is to pay the staff better wages.

  13. Peter May 24, 2017 at 10:12 am

    This is yet another classic case of this dysfunctional rejected failure Jennifer the Jackass condemning and belittling a highly qualified, successful black individual. What do you own besides your fake Limey accent and a few expired bus passes you keep in your handbag to show off that you lived in London. Compare yourself … Ms. Donna Wellington is a highly qualified and dignified banking official who has attained the post of PRESIDENT of the Barbados Banking Association. A dignified and respectful position. What have you attained ? You dumb British rejected Bajan waste? This is yet another example of your disrespect for highly educated, qualified, professional black people. Remember She is employed in a top tier position, She drives a well appointed air conditioned vehicle, lives in a great neighbourhood in a well appointed home while you have to hustle to catch a PSV. You refer to her as a duck but let me tell you that she’s bigger and smarter and even better looking than you will ever be. and your disgusting remarks will run off her back like water on that same duck. While you will remain an ugly disgruntled Phuck who cannot get along with anyone. Even the dogs hate you. Idiot. I really hope I see you in London come August.

    • Jennifer May 24, 2017 at 8:34 pm

      What got you peter mad got me glad. You like salt, white and poisonous. Pi$$y brute.

      • Jennifer May 24, 2017 at 8:42 pm

        Peter – You are nothing but a big bully just like your ancestors and a comments troll.

  14. Milli Watt May 24, 2017 at 10:18 am

    I understand the credit unions want the deposits to come to them and they will make the deposit………..hmmmmmmmmm. cash going into the system but it looks better when a credit union bringing it. stupse

  15. Ossie Moore May 24, 2017 at 10:53 am

    Lawd mek peace Peter! I did’nt know you was MI-8 material. I coulda thaught you was MI5?

  16. Alex Alleyne May 24, 2017 at 11:31 am

    I think that the RBPF top brass should have a meeting with the AG and get to the bottom of this issue. The BANKS must have seen the increase of the amounts of CASH coming form these establishments after monitoring the situation and in doing so made a decision.

  17. Fishy May 24, 2017 at 12:06 pm

    Large Supermarkets,Hardware stores,Department stores, Jewlery stores etc….!!!!!!!! They should all be banned too from depositing large sums, who is to say they don’t money launder…????
    Who is checking them……??????
    They deposit large sums daily. $100,000’S of thousands of dollars daily….!!!!!!
    Are they all legit too…………????????

  18. Peter May 24, 2017 at 12:42 pm

    Ossie Moore, I am a very peaceful individual but although I do not know Ms. Wellington personally, she has don nothing to Jennifer to receive those belittling disrespectful comments. look at the time Jennifer posted her comments all around 3:30 a.m. in the morning. What happen ? don’t she sleep? She need a man to take care of business or maybe she could gedt one of those phallic things that vibrates. But In thinking of what she’s capable of, she probably loves animals. I know about MI5 not MI-8, Do you mean M I Hate? In ah de Jamaican parlance?

    • Jennifer May 24, 2017 at 8:38 pm

      You can’t control me like your ancestors control this people. I owe you no explanations. That beast in you constantly needs to hunt doesn’t it. Go get a horse and some hounds.

  19. Bobo May 24, 2017 at 1:53 pm

    REF to Ms D Wellington– are you talking about ”money laundering” of simple slots machine money similar to las Vegas–

    A Barbadian on a journey to South of France–What if I go to Montecarlo Casino legally)won 1 -2 million Euro or more, would the local banks refuse my money–Wellington -and local Banks officials are living in a know-land planet– Its good to have UNI Diploma –travel and get knowledge of the real planet– Didn’t Politician Lashley got caught with a suitcase of money– was it stolen money– laundering or slot-machine money.

    • hcalndre May 25, 2017 at 6:29 am

      Bobo, they should ask the politicians how and where they dispose theirs.

  20. fedup May 24, 2017 at 2:04 pm

    must be canadian banks and republic. there are ni ameruxan banks here.

  21. Sheron Inniss May 24, 2017 at 2:31 pm

    Steupse to the educated bank people. How do they tell the difference between my money and the slot machine money. As long as it is not fake it is legal tender. I would like to know why the same thing is not happening world wide. Just another ruse to sink Barbados. Well their lost is the credit union’s gain. Personally I prefer them to have the “headache” than to deal with the bank. I haven’t had an account for years. My two pennies at the credit union as the bank would make me sin my soul too often.

    The higher the monkey climb the more you see his you know what. Hee haw hee haw hee haw.

    • hcalndre May 25, 2017 at 6:43 am

      I know of someone who sold their property, deposit the check and a few years wanted to with draw a few thousands was told that they can`t get that amount, it was more problems than you could imagine, got so mad after they were put through all the hassle, then the CB must be involve just to get what is yours.

  22. Alex Alleyne May 24, 2017 at 4:22 pm

    It is also said that persons go out and rent guns , now it is people going to business places paying a fee and have their ill gotten large sums of cash put in the banks. Nice to see that this loop-hole is being plugged. If I usually bank $100. and then I keep coming with $10.000 and the amount continue to climb, of course some one will pay attention….. Get caught that’s what.

  23. Education ain't sense May 25, 2017 at 9:58 am

    So when I win the Super Lotto, they won’t be taking my money either cause that money would be proceeds won from gambling also. You my dear are an idiot and the people who gathered around a table in their big chairs in the air conditioned room to make this stupid decision are idiots too, guess you guys didn’t think this one through huh….smh.

  24. Andrew Jordan May 29, 2017 at 5:39 am

    its unbelievable after ALL these years they NOW realize that slot machines are for gambling??
    After taking in millions of dollars from profiting from these businesses they dont have the testicular fortitude to stand up for their clients. It’s sad.

  25. NGONGO ABEDI ANDRE June 4, 2017 at 10:48 am

    to ask you financial assistance


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