Australian federal court approves AU$450m fine for Crown

Australian federal court approves AU$450m fine for Crown

Added:
Australian federal court approves AU$450m fine for Crown

Crown Resorts will be paying a 450 million Australian dollar fine.

This news follows a recent joint announcement published by the operator and the Australian financial agency AUSTRAC, which proposed a 450 million Australian dollar fine for Crown Resorts for the various AML and CTF shortcomings of its two establishments in Perth and Melbourne.

At the time of this announcement, the proposed penalty had to be finalized by the country’s federal court before the operator could start paying it. Recently, the scheduled court hearing for this purpose took place, greenlighting the fine. Crown Resorts will be paying the 450 million Australian dollars in installments over the course of two years.

As part of this recent settlement, the operator also admitted to operating its two aforementioned establishments with subpar AML and CTF guidelines. Some of the most noteworthy failures mentioned by AUSTRAC included failing to monitor numerous transactions that added up to billions of dollars and failing to report several cases of suspicious activities to the appropriate authorities.

However, Crown Resorts has stated that it has already made sizable progress in its recent efforts of enhancing its AML and CTF measures. This includes the investment of 40 million Australian dollars in enhancing its general financial compliance efforts, the addition of 170 professionals to its compliance team, and a sizable uplift in staff training and awareness of various financial risks and crimes.

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