Crown Casinos Ordered to Pay $450 Million for Anti-Money-Laundering Failures
Company: Crown Resorts Limited
Summary
In July 2023, the Federal Court ordered Crown Melbourne and Crown Perth to pay A$450 million for breaches of Australia's anti-money-laundering and counter-terrorism-financing laws. Crown admitted that its AML/CTF programs were not based on appropriate risk assessments and lacked adequate systems and controls for managing money-laundering and terrorism-financing risks. AUSTRAC said Crown's failures allowed high-risk activity to occur without appropriate intervention and that board and senior-management oversight had been inadequate. The A$450 million penalty was one of the largest penalties ever imposed on a casino globally. Sources: AUSTRAC https://www.austrac.gov.au/news-and-media/media-release/federal-court-makes-ruling-crown-matter AUSTRAC enforcement register https://www.austrac.gov.au/about-us/record-our-actions/enforcement-actions-taken