Crown Resorts to pay AU$450m to end legal issues

Updated:2024-03-25 14:36    Views:140

Crown Resorts has agreed to pay a civil penalty to the Australian Transaction Reports and Analysis Centre (AUSTRAC), to resolve its ongoing controversy following its numerous breaches in law and regulations.

A fee of AU$450m (US$294m) will be paid by the beleaguered casino operator and the deal has been filed with the Federal Court. The agreement will now be subject to approval by the aforementioned court, which will hear the case over 10-11 July.

Crown was found guilty of breaching the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 – which it later admitted – as well as numerous other failings, including signing uncleared bank cheques and illegally allowing people to gamble.  

After revealing its deal with AUSTRAC, Crown Resorts CEO Ciarán Carruthers said: "First and foremost, I want to reiterate that these historical failings were unacceptable and on behalf of Crown Resorts, our new owners and leadership, I apologise for the failings of the past.

“Today marks a significant step in the process,Casino games and we are pleased to have reached this agreement with AUSTRAC, noting that it is still subject to consideration and approval by the Federal Court and we await that decision.

“The company that committed these unacceptable, historic breaches is far removed from the company that exists today. The Crown of today is committed to harm minimisation and becoming the world leader in the delivery of safe gambling and entertainment.”

Crown also highlighted the actions it has taken as part of its reforms, stating that it had ‘invested more than $40m to bolster financial crime compliance; expanded its Financial Crime and Compliance team by adding approximately 170 people, including professionals from the banking sector; and implemented significantly improved financial crime reporting to Crown’s Board,’ among others.

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