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Crown Resorts has been hit with an AU$450m (US$293m) financial penalty by AUSTRAC over AML failings. [Image: Shutterstock.com]
Crown Resorts has been hit with an AU$450m (US$293m) financial penalty for anti-money laundering (AML) and terrorism financing law violations. The company’s Crown Perth and Crown Melbourne properties agreed to pay the fine to the Australian Transactions Reports and Analysis Centre (AUSTRAC).
A federal court justice still has to approve the penalty, with a court hearing set for July. AUSTRAC began its legal proceedings in March 2022 after discovering poor risk management and governance across Crown Resorts.
admitted on Tuesday to having insufficient controls and systems in place
The casino company admitted on Tuesday to having insufficient controls and systems in place for the management and mitigation of terrorism financing and money laundering risks. Its transaction monitoring program was not appropriate and it didn’t place additional scrutiny on high-risk patrons.
AUSTRAC chief executive Nicole Rose noted that the county’s casino sector was a potential means for organized crime groups to launder their dirty money. Crown Resorts will work closely with AUSTRAC going forward to make sure that all of its systems are fully compliant and fit for purpose.
