Crown Melbourne and Crown Perth, two of Australia’s largest casinos, have agreed to pay a whopping AU$450 million penalty to the Australian Transaction Reports and Analysis Centre (AUSTRAC) for breaching anti-money laundering laws. The penalty is the largest ever imposed on a company in Australia’s history.
The investigation into Crown Resorts, the parent company of the two casinos, began in 2019 after allegations of money laundering and links to organized crime were made. AUSTRAC found that Crown had failed to adequately monitor and report suspicious transactions, which allowed criminal organizations to launder money through the casinos.
The investigation revealed that Crown had allowed high-roller gamblers to deposit large sums of cash without proper identification or scrutiny. This made it easy for criminals to launder money through the casinos, as they could deposit large amounts of cash without being detected.
The penalty imposed on Crown is a significant step towards cracking down on money laundering in the Australian gambling industry. It sends a clear message to other casinos that they must comply with anti-money laundering laws or face severe consequences.
Crown has also agreed to implement a range of measures to improve its anti-money laundering compliance, including the appointment of an independent monitor to oversee its operations. The company has also committed to making significant changes to its management and governance structures.
The penalty is a significant blow to Crown Resorts, which has already been hit hard by the COVID-19 pandemic. The company has been forced to close its casinos for extended periods, resulting in significant revenue losses.
The AU$450 million penalty is also likely to have wider implications for the gambling industry in Australia. It is expected that other casinos will now face increased scrutiny from regulators and law enforcement agencies.
In conclusion, the penalty imposed on Crown Melbourne and Crown Perth for anti-money laundering violations is a significant step towards cracking down on money laundering in the Australian gambling industry. It sends a clear message to other casinos that they must comply with anti-money laundering laws or face severe consequences. The penalty is also likely to have wider implications for the gambling industry in Australia, as other casinos will now face increased scrutiny from regulators and law enforcement agencies.
