Australian casino group to pay $290 mln fine
Australia's Crown Resorts has agreed to pay a civil penalty of Aus$450 million ($290 million) for breaches of anti-money laundering and anti-terrorism financing legislation at two of its casinos.
Crown admitted it had failed to take appropriate measures to spot and prevent such crimes at its Melbourne and Perth casinos, in a deal announced by Crown and the government's financial crime body AUSTRAC.
"The casino sector is at risk of exploitation by organized criminals seeking to clean their dirty money, money which criminals make through the sale of illicit drugs, scams and even human trafficking," the Australian Transaction Reports and Analysis Centre said.
Crown had allowed a range of "obviously high-risk practices" to carry on unchecked for many years, said AUSTRAC chief executive Nicole Rose.
The penalty is still subject to approval by the Federal Court at a hearing scheduled for July 10-11.
Crown Resorts chief executive Ciaran Carruthers said the company had changed since the offenses, which occurred before its acquisition by U.S. asset manager Blackstone was completed in June 2022.