According to the Australian Transaction Reports & Analysis Centre, Crown Resorts, the country’s largest casino group, has agreed to pay an AU$450m (US$293m) penalty for violating anti-money laundering and counter-terrorism laws at its casinos in Melbourne and Perth between 2016 and 2022.
Crown admitted that it “failed to appropriately assess the money laundering and terrorism financing risks they faced, and to identify and respond to changes in risk over time.”
CEO, Ciarán Carruthers, said in a statement: “First and foremost, I want to reiterate that these historical failings were unacceptable and on behalf of Crown Resorts, our new owners and leadership, I apologise for the failings of the past.
“There is no place for money laundering or terrorism financing at Crown or anywhere within our communities, and we will continue to invest in developing a sophisticated and robust framework, supported by the right capabilities to combat this illegal behaviour.”
Following a 2019 journalistic investigation and a 2021 Royal Commission, a series of violations were uncovered including infiltration by international criminal syndicates and the illegal transfer of around AU$160m from China between 2012 and 2016.
The settlement is subject to approval by the Federal Court, which will hear the case on July 10th and 11th.
