Crown Resorts Faces Money-Laundering Probe
Crown Resorts becomes the latest casino to face scrutiny, this time by Australian regulators over potential breaches of anti-money laundering and counter-terrorism financing rules.
The Australian Transaction Reports and Analysis Centre (Austrac) will launch an investigation into compliance at the flagship casino of Australia’s largest gaming and entertainment group – Crown Melbourne – stemming from concerns in September 2019 about the firm’s exposure to high-risk and politically exposed persons.
According to a Crowne statement, it will fully co-operate with Austrac and respond to all information requests for the investigation.
Separately, Crown is also facing scrutiny in Sydney following reports of alleged laundering of gang-related money and usage of Crown junky operators linked to drug traffickers. The probe has led to revelations of numerous risk management failures and calls for changes in the board.
Casino-Financial Complex?
In addition to banks and other businesses in the sector, non-financial companies have been facing increasing scrutiny over their role in the financial system. At Accuity, for example, its client base has expanded over the past five years to cover a more diversified market that now includes retailers and casinos.
Concurrently, fellow casino operator Marina Bay Sands is facing a lawsuit in Singapore over allegations of unauthorized transferal of gamblers’ money as well as investigations by the U.S. Department of Justice over suspicions of money laundering facilitation.
