A Deal Reached for AML Violations

By John Isaac,
Editor at online-gambling.com

John Isaac Editor at online-gambling.com

John Isaac is an editor with many years of experience in the gambling industry. He writes expert articles on card games like blackjack and poker. In addition, he is also well aware of the US gambling laws and the Indian and Dutch gambling markets. You can rely on verified information and insightful details.

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Last updated: June 10, 2023

With relation to violations of anti-money laundering (AML) regulations at its Melbourne and Perth casinos, Crown Resorts, one of Australia’s major casino operators, has struck a provisional settlement with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The settlement between Crown and AUSTRAC, which totals around AU$450 million (almost $300 million), is the result of a year-long legal dispute.

In many Australian jurisdictions, including New South Wales (NSW), Western Australia (WA), and Victoria, the casino operator has been subject to harsh penalties and is under investigation for money laundering. The most significant fine for AML offences in Australia to date might arise from the latest deal with AUSTRAC, pending approval from a federal court judge.

As required by the agreement with AUSTRAC, Crown has admitted responsibility for its mistakes in assessing financial and terrorism concerns. The business admits that it played a part in assisting unlawful activity and money laundering for over ten years. It has pledged to stop money laundering and the financing of terrorism within its institutions and neighborhoods.

In all of its licensed casino facilities, Crown has been implicated in covert money-laundering schemes and partnerships with well-known criminals. In addition, the business frequently permitted Joseph Wong Kiia Tai, who was on the United Nations sanctions list, to gamble there.

Harsh Penalties and Investigations in Australian Jurisdictions

The AUSTRAC fine will be the third-largest in the organization’s history if the courts accept it. As part of settlements relating to its unethical conduct, Crown has already paid more than AU$180 million (US$117.43 million) to the state of Victoria and other jurisdictions.

Along with the fines imposed on Crown, there are growing calls for federal regulatory reforms in Australia’s gaming sector as a whole. An example of probable improvements in Australia might be found in the UK’s recently released gaming white paper.

The UK’s regulatory reforms, according to Professor Sally Gainsbury, head of the University of Sydney’s Gambling Treatment and Research Clinic, might have a substantial influence on Australian gambling laws. Gainsbury participated in a webinar presented by the Brain and Mind Centre YouTube channel together with Assistant Professor Kahlil Philander from Washington State University. Tim Miller, the executive director for research and policy at the commission, and Ben Haden, the director of the UK Gambling Commission, both spoke during the webinar.

Admission of Responsibility and Pledge to Combat Money Laundering

The first revisions to gaming legislation in the UK since 2005 are being subject to assessment and consultation. Even though it could take a few years for these rules to be completely evolved, Gainsbury and other observers throughout the world are anxious to see the results. The expected effects of the UK’s regulatory reforms on upcoming gambling legislation in Australia highlight the process’s importance on a global scale.

In conclusion, the long-running issue is likely to be resolved thanks to Crown Resorts’ potential settlement with AUSTRAC for AML legislation violations. The prospective penalties, which is contingent upon court approval, emphasizes how grave the offenses are. Furthermore, as stakeholders turn to overseas trends for inspiration and advice, the attention paid to the UK’s gaming white paper highlights the possibility of regulatory changes in Australia’s gambling sector.