In the aftermath of the FIFA scandal, sports figures are, understandably, coming under the compliance microscope. In some cases, the new scrutiny is justified. Today's news about professional golfer Phil Mickelson is of interest. The pro reportedly transferred $2.75m to a known bookmaker, Greg Silveira, who has pled guilty to laundering that money.
One wonders how the compliance officers at both the transferor, and transferee, banks, did not flag those transactions, as apparently, Mickelson, is known to wager on sports events, and some of these bets were definitely illegal, under state and Federal laws.
Therefore, compliance officers might want to take a look-back at the accounts of their wealthy professional sportsmen; did any of their wire transfers constitute illegal gambling ?