Crown Limited has reached a substantial penalty agreement to conclude a legal dispute arising from severe violations of anti-money laundering and terrorism financing regulations in Australia. The struggling casino conglomerate will remit a staggering AU$450 million (US$294 million) to AUSTRAC, the Australian financial intelligence agency. This resolution, a crucial move towards settling the protracted legal action, has been submitted to the Federal Court for endorsement.
The allegations against Crown are significant. They were determined to have infringed the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, a grave offense to which they subsequently confessed. The inquiry also revealed a series of questionable practices, including distributing blank checks and disregarding unlawful gaming operations.
Crown Limited Chief Executive Ciarán Carruthers recognized the seriousness of the circumstances, stating that these past shortcomings were intolerable and expressing remorse on the company’s behalf. He stressed that Crown Limited is a transformed organization under new proprietors and management, dedicated to precluding such wrongdoing going forward. The corporation now awaits the Federal Court’s ruling on the settlement, a judgment anticipated on July 10-11.
Crown Resorts aims to be a pioneer in ethical gaming and leisure, striving to reduce the negative impacts of gambling.
They are backing their commitment with a significant investment exceeding $40 million AUD to strengthen their fight against financial misconduct. This includes a bolstered compliance department, expanded by approximately 170 new specialists, some recruited from the financial sector. Additionally, they have restructured how they communicate financial crime concerns to their board, demonstrating a dedication to openness and responsibility.