Las Vegas Sands Corp. will pay the U.S. Justice Department $47.4 million to settle allegations that it failed to identify $58 million in suspicious wire transactions and cashier's checks. Under a non-prosecution agreement (NPA) finalized Monday with the U.S. Attorney's Office for the Central District of California, the casino admitted to insufficiently monitoring transfers from Zhenli Ye Gon, a Chinese national accused by federal prosecutors of trafficking narcotics. The settlement is the first federal agreement to target a major casino for its anti-money laundering (AML) program, and likely the largest-ever monetary payout by a gambling operation for such infractions, said...
One of the largest sportsbooks in Nevada knowingly aided a massive illegal gambling operation for more than a year and even took steps to weaken its anti-money laundering rules after being warned of its compliance shortcomings by IRS examiners, U.S. officials said Monday.
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.
At least two large U.S. banks have started asking their casino clients more questions in the wake of disclosures that federal officials are investigating alleged violations of anti-money laundering laws.
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.