Reportedly, gambling operator Caesars Entertainment Corp. has consented to pay the amount of $20 million so as to settle charges over allegedly failing to follow the appropriate anti-money laundering procedures.
In addition, the gambling company is to ink a deferred prosecution agreement with the U.S. Department of Justice. The multi-million-dollar penalty is expected to be announced in the days to come. According to people with broad knowledge of the matter the deal will satisfy both the Justice Department and the Financial Crimes Enforcement Network (FinCEN). The latter has previously pressed similar charges against the Las Vegas-based gambling operator. The Nevada Gaming Control Board is to also be a party to the agreement.
According to an unnamed source, among other things, it seems that Caesars Palace, Caesars Entertainment’s most iconic property, failed to monitor its sportsbook operations for bets placed by legally charged individuals.
Spokespersons for the gambling operator, the Department of Justice, and FinCEN could not be reached for comment. A spokesperson for the Nevada gambling regulator refused to comment on the matter.
The unnamed source pointed out that FinCEN has been urging the country’s Department of Justice to solve the criminal matter for quite some time now, threatening that it would take things in its own hands, if the department did not come up with a settlement anytime soon.
Last October, the Las Vegas gaming company revealed that it was investigated by both the Justice Department and FinCEN over allegedly failing to follow the so-called Bank Secrecy Act, known to be the country’s most important anti-money laundering regulation.
Caesars Entertainment has not been the only gambling operator to face legal charges over anti-money laundering lapses. In June, the Tinian Dynasty Hotel & Casino, located on the Northern Mariana Islands, was fined the amount of $75 million. Allegedly, the gaming property failed to follow the necessary anti-money laundering procedures and to report to the authorities any suspicious gambling activity.
Under a non-prosecution agreement reached between the Justice Department and the casino, the latter was supposed to pay a little less than $3 million.
Las Vegas Sands Corp. was, too, among the gambling operators that had to pay a certain amount of money in order to settle charges related to anti-money laundering lapses. In August 2013, the company entered an agreement with the Justice Department for a penalty totaling $47 million.
A few months ago, Atlantic City’s Trump Taj Mahal Casino Resort paid FinCEN $10 million to settle similar charges.
