Caesars is probable to pay a superb of between $12 million and $20 million for failing to implement proper anti-money laundering measures at their flagship nevada property.
Caesars Entertainment Corp. could be subjected to millions of dollars in fines as the company attempts to settle money laundering allegations it faces from the government. The video gaming operator is in talks with US authorities over how to settle the claims, which could lead to a fine somewhere in the array of $12 million to $20 million.
Talks, which have already been carried out between the Financial Crimes Enforcement Network (FinCEN) of the US Department regarding the Treasury, were of late held on April 29 and had been revealed in the business’s latest Securities and Exchange Commission filing. A federal grand jury investigation into the allegations normally ongoing.
‘The company and Caesars Palace have now been completely cooperating with both the FinCEN and jury that is grand since October 2013,’ Caesars said in its filing.
Investigation Began in 2013
Back 2013, FinCEN first informed Caesars that it was investigating the ongoing company for so-called violations of this Bank Secrecy Act, an anti-money laundering law. During the time, it had been unclear what, if any, penalties would emerge through the investigation.
FinCEN has long felt that casinos have done a job that is poor of money laundering at thei Continue reading “Caesars Entertainment Money Laundering Allegations Could Cost Operator Millions in Fines”