Caesars Entertainment Fined $9.5M for Federal and State Law Violations

Following reports that Rank Group must forfeit profits made during a time when its anti-money laundering procedures were subpar, it seems that a US casino group now faces a similar situation.

US media has reported that Caesars Entertainment has had to cough up has been penalized to the tune of $9.5 million for unsatisfactory AML processes in its Caesars Palace VIP private high roller rooms.

Due to several violations of the Bank Secrecy Act, the federal U.S. Financial Crimes Enforcement Network and Caesars settled on an $8 million penalty deal.

Caesars is also required to improve staff training, conduct regular independent external audits and tests of its AML systems, report improvements to FinCEN and review past transactions.

The remaining $1.5 million in fines were applied by the Nevada regulator, for violations of state law.

In a statement, the Financial Crimes Enforcement Network said:

“Despite the elevated money laundering risks present in these salons, Caesars failed to impose appropriate AML scrutiny, which allowed some of the most lucrative and riskiest financial transactions to go unreported. Caesars also marketed these salons through branch offices in the U.S. and abroad, particularly in Asia, but failed to adequately monitor transactions, such as large wire transfers, conducted through these offices for suspicious activity.”

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    sharpe

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    I don't know why these casinos have to cheat the payers after they have an advantage in almost every game against the players anyway. That's why is so annoying to read all that and all the fines are deserved I'm sure. They caught them this time but who knows what other tricks they has and how many times they cheated the players.
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    Luke

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      Im pretty sure all the casinos cheat or have their own little tricks to steal as much money as possible from whomever it maybe be but they have mastered the art of concealing it they will do anything to get their hands on as much money as they can any which way possible just for the greed as thats what all those millionaires really care about money and nothing else.
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      jade

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      An attorney once told me, 'it's not what you do, but what you get caught doing. These guys got caught. I'd be willing to bet that there are many that have done far worst, but do better concealing, which is much scarier when you think about it. They will pay the fine and do what they have to do.
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      Johnajax

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      I hate the most when I see that online casino try to cheat no matter players or law. I think that they don't need to do that because they are in profit no matter what happened and only players are on the loss on every casino, so every casino which try to do something like this should be fined even more than this.

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