The Australian gambling behemoth, Crown Resorts, finds itself in hot water legally. A financial regulatory body is pursuing legal action, alleging the company utterly failed to prevent money laundering and the financing of terrorism.
Following an exhaustive examination of their business practices, the Australian Transaction Reports and Analysis Centre (AUSTRAC) opted to bring the hammer down on Crown’s casino locations in Melbourne and Perth.
In essence, AUSTRAC’s chief, Nicole Rose, stated their inquiry revealed Crown lacked awareness regarding appropriate oversight, particularly concerning risk management. They neglected to establish systems to detect illicit activities, practically inviting trouble.
The catalog of allegations is extensive, but the crux is that Crown Melbourne and Crown Perth disregarded the genuine dangers of illicit funds and supporting terrorism. They failed to adequately scrutinize their clientele or monitor questionable financial movements.
Rose emphasized that this absence of supervision meant Crown remained oblivious to the identities of those transferring funds, rendering them vulnerable to criminal elements.
This legal action carries significant weight. AUSTRAC aims to compel Crown to rectify its conduct and finally embrace its duty to safeguard Australia’s financial framework earnestly.
This serves as a significant alarm for all gaming establishments across Australia. It underscores the critical importance of having strong anti-money laundering protocols in effect. If such measures are absent, they are exposing themselves, and consequently, Australian society, to the grave danger of criminal syndicates, Ms. Rose declared. She accentuated that AUSTRAC has been collaborating closely with the Australian gaming sector to elevate compliance benchmarks through continuous partnership. While recognizing that Crown Resorts is taking measures to enhance its frameworks, procedures, and resource distribution, she emphasized that further action is required. AUSTRAC, she appended, will maintain close cooperation with Crown Resorts to tackle the persistent compliance concerns.
In a distinct announcement, Crown Resorts confirmed that it had foreseen these civil penalty actions. The enterprise conveyed that it has “formulated a comprehensive corrective strategy to establish Crown as an industry frontrunner in its governance, adherence, responsible gaming practices, and financial crime risk mitigation.”