Crown Resorts Faces Record Fine for Anti-Money Laundering Failures

Crown Resorts, the Australian casino giant, is awaiting a ruling on whether it will have to pay a record-breaking AU$450 million penalty for anti-money laundering (AML) failings. The fine, which would be the largest gaming regulatory penalty in history, is related to 546 AML law violations at the company's casinos in Perth and Melbourne.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) and Crown Resorts have already agreed to the penalty, which is now awaiting approval from Judge Michael Lee. The most significant issue in the case was Crown Resorts' failure to vet wealthy gamblers before allowing them to play in private rooms. The company also did not implement proper AML systems despite receiving prior warnings.

If the fine is approved, Crown Resorts and AUSTRAC have proposed an immediate payment of AU$125 million, followed by another AU$125 million within a year, and the final AU$200 million due in two years. This fine comes after a series of penalties and investigations into Crown Resorts' operations. In May 2023, the firm agreed to pay a AU$450 million fine for breaking anti-money laundering laws, which was the third-largest fine ever for an Australian company. Since 2020, Crown Resorts has faced a total of AU$680 million in penalties due to accusations of ignoring organised crime and employee safety issues.