Caesars Entertainment Money Laundering Allegations Could Cost Operator Millions in Fines

Caesars Entertainment Money Laundering Allegations Could Cost Operator Millions in Fines

Caesars is likely to pay a fine of between $12 million and $20 million for failing to implement anti-money that is proper measures at their flagship vegas property.

Caesars Entertainment Corp. could be subjected to an incredible number of dollars in fines as the organization attempts to settle money laundering allegations it faces from the government that is federal. The video gaming operator is currently in talks with US authorities over just how to settle the claims, which could lead to a fine somewhere in the selection of $12 million to $20 million.

Talks, which happen conducted between the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury, were most recently held on 29 and were revealed in the company’s latest Securities and Exchange Commission filing april. A federal jury that is grand into the allegations can also be ongoing.

‘The company and Caesars Palace have now been fully cooperating with both the FinCEN and jury that is grand since October 2013,’ Caesars said in its filing.

Investigation Began in 2013

Back in 2013, FinCEN first informed Caesars so it was investigating the company for so-called violations of this Bank Secrecy Act, an anti-money laundering law. During the time, it absolutely was unclear what, if any, penalties would emerge through the investigation.

FinCEN has long felt that casinos have done a poor job of preventing mone Leer más