Crown Resorts agrees to AU$450m fine
The proposal has been agreed upon by both organizations, however, the Australian federal court will have to greenlight the fine amount or choose a different amount that it deems appropriate before the operator can pay it. A court hearing has already been scheduled on the 10th and 11th of July for this purpose.
Crown will be fined for numerous AML and CTF failures that took place at its properties in Perth and Melbourne, the list of which includes failing to adequately assess potential terrorist financing and money laundering risks, having subpar AML and CTF mitigation programs, failing to implement a transaction monitoring scheme, and not conducting adequate due diligence on customers posing higher risk levels, among others.
In its announcement, the operator has stated that it has already lined up a set of several enhancements to its AML and CTF efforts, which includes an over 40 million dollar investment in its compliance programs, an expansion of over 170 employees to its regulatory team, the implementation of automated monitoring systems, and the enhancement of its relationships with law enforcement agencies and the AUSTRAC.
This latest penalty follows the gambling operator’s previous major fine back in November of last year when the gambling regulator of the state of Victoria ordered the firm to pay 120 million Australian dollars for various responsible gambling failures.