Caesars Entertainment Corp. will pay $8 million to the U.S. Treasury Department and $1.5 million to Nevada's gaming regulator for failing to police its wealthiest gamblers since February 2012. In a civil monetary penalty published Tuesday, the Financial Crimes Enforcement Network (FinCEN) said the company's Las Vegas-based Caesars Palace "allowed a blind spot to exist in its compliance program-private gaming salons-enabling some of the most lucrative, and riskiest," transactions to take place with little oversight. Although Caesars Palace marketed the salons through branch offices in Hong Kong, Singapore, Tokyo and California, it did not sufficiently monitor large wire transfers or...
The U.S. gaming sector's string of recent compliance penalties have prompted many casinos to rethink how they implement anti-money laundering controls, according to Kim McCabe, founder of Henderson, NV-based consultancy KMC, LLC.
Nevada state regulators will levy a monetary penalty and set conditions on Caesars Entertainment's gaming license as part of an anti-money laundering settlement, according to an individual with knowledge of the plan.
The U.S. Treasury Department imposed a $75 million fine Wednesday against a casino in the Northern Mariana Islands, less than a year after banning its former VIP services manager over related infractions.
Federal officials are investigating four of Nevada's most well-known casinos for potential violations of the Bank Secrecy Act, according to sources familiar with the matter and a regulatory disclosure published Monday.