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Crown Resorts Reaches Agreement With AUSTRAC to Pay AU$450 million in Penalties

Posted on May 31, 2023 | 8:45 am

Crown Resorts, the biggest owner and operator of land-based casinos in Australia, will have to pay 450 million Australian dollars in penalties following an agreement the company has reached with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

AUSTRAC, an Australian government financial intelligence agency responsible for monitoring financial transactions to identify money laundering, organized crime, tax evasion, welfare fraud and terrorism financing, had been monitoring the activities of Crown Resorts following the investigations into the company’s activities in New South Wales, Victoria and Western Australia.

The agreement Crown Resorts reached with AUSTRAC will have to be approved by the Federal Court, and then it will halt civil penalty proceedings brought against the company by the government agency.

The company will pay a total of 450 million Australian dollars in penalties after having admitted to historical contraventions of Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

The two parties have signed a Statement of Agreed Facts and Admissions which was submitted to the Federal Court, which will hold a settlement hearing on 10 and 11 July.

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Unacceptable Failings

Ciaran Carruthers, the new Chief Executive Officer of Crown Resorts, declared that the historical failings to which the company has admitted “were unacceptable” and apologized for them on behalf of the company’s new leadership and new owners, Blackstone Group.

“Today marks a significant step,” Ciaran Carruthers added, and also declared himself “pleased” to have reached an agreement with AUSTRAC while awaiting the decision of the Federal Court.

“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,” Ciaran Carruthers promised.

The Crown Resorts CEO also revealed that the company has set up “Future Crown”, a multi-year transformation program which should reform the casino operator and turn it into a brand “that exceeds expectations.”

The company detailed in a press release that it has already implemented a set of new anti-money laundering policies, including an investment of 40 million Australian dollars into boosting its financial crime compliance capabilities.

Source“Crown Resorts to pay almost US$300 million for AML breaches after reaching agreement with AUSTRAC“,, May 30, 2023.

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