Crown Resorts will pay a total of AU$450 million (US$293 million) in penalties for historical contraventions of Australia’s anti-money laundering laws under an agreement reached with AML watchdog AUSTRAC.
Under the agreement, which resolved civil penalty proceedings brought against it, Crown Melbourne and Crown Perth will – pending Federal Court approval – pay a combined AU$450 million for “admitted historical contraventions” of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The two parties have also filed a Statement of Agreed Facts and Admissions with the Federal Court, which will consider the settlement at a hearing on 10 and 11 July.
“First and foremost, I want to reiterate that these historical failings were unacceptable and on behalf of Crown Resorts, our new owners and leadership, I apologise for the failings of the past,” said Crown Resorts CEO Ciarán Carruthers.
“Today marks a significant step in the process and we are pleased to have reached this agreement with AUSTRAC, noting that it is still subject to consideration and approval by the Federal Court and we await that decision.
“The company that committed these unacceptable, historic breaches is far removed from the company that exists today. The Crown of today is committed to harm minimisation and becoming the world leader in the delivery of safe gambling and entertainment. To achieve this, we are focused on Future Crown, our multi-year transformation program, which is delivering whole-of-company reform and building a Crown that exceeds the expectations of our stakeholders and community.
“We take seriously the responsibility we have to the community, to law enforcement, to our industry and stakeholders to ensure that we continue to comply with our AML/CTF obligations. There is no place for money laundering or terrorism financing at Crown or anywhere within our communities, and we will continue to invest in developing a sophisticated and robust framework, supported by the right capabilities to combat this illegal behaviour. We are committed to implementing these reforms to make Crown a better business and lift the standards for the entire industry.”
Crown said in a lengthy release that it has implemented a range of new controls and practices around its AML obligations since recent inquiries in NSW and Victoria, including investing more than AU$40 million into bolstering its financial crime compliance and expanding its Financial Crime and Compliance team around 170 people, among many others.
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