Crown Resorts fined AU$450m for anti-money laundering breaches by Australia's federal court
Australia's federal court has imposed a AU$450m fine on Crown Resorts for breaching anti-money laundering laws and enabling high-risk activities at its casinos
The Australian federal court has ordered Crown Resorts to pay a fine of AU$450m (£233m/€276m/US$300m) for breaching anti-money laundering (AML) laws.
Crown Resorts has admitted to contravening the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and acknowledged the inadequacy of its risk management systems.
The fine is to be paid over two years, following an agreement with the Australian Transaction Reports and Analysis Centre (Austrac).
Austrac highlighted that Crown had allowed high-risk activities at its casinos without intervening, including maintaining business relationships with operators linked to organised crime.