A prominent Australian casino enterprise, Crown Resorts, has agreed to a substantial $450 million payment to resolve legal matters arising from multiple regulatory violations.
The gaming conglomerate reached a resolution with AUSTRAC, the Australian Transaction Reports and Analysis Centre, which had alleged that Crown breached anti-money laundering and counter-terrorism financing regulations. This settlement, pending final authorization from the Federal Court, concludes a protracted legal dispute.
Crown conceded to several grave shortcomings, including receiving blank checks from patrons and enabling illicit gambling operations. The company’s chief executive, Ciarán Carruthers, acknowledged the gravity of the prior misconduct and underscored the company’s dedication to transformation under its current management.
This resolution represents a crucial stride for Crown as it endeavors to progress beyond this detrimental period and restore its standing.
Crown Resorts maintains a strong dedication to reducing gambling-related risks and aims to be an international frontrunner in ethical gaming and leisure activities.
They have significantly enhanced their efforts, allocating over 40 million Australian dollars to bolster their safeguards against illicit financial activities. Their financial crime and compliance division has grown substantially, adding approximately 170 seasoned professionals, with a large number recruited from leading financial institutions. Additionally, they have overhauled the process for reporting financial crimes to the Board of Directors, resulting in a much more comprehensive system.