Caesars Entertainment Money Laundering Allegations Could Cost Operator Millions in Fines

Caesars Entertainment Money Laundering Allegations Could Cost Operator Millions in Fines

Caesars is probable to pay an excellent of between $12 million and $20 million for failing to implement anti-money that is proper measures at their flagship Las Vegas property.

Caesars Entertainment Corp. could be subjected to millions of dollars in fines as the business attempts to settle money laundering allegations it faces from the government that is federal. The gaming operator happens to be in talks with US authorities over how exactly to settle the claims, which could result in a fine somewhere within the range of $12 million to $20 million.

Speaks, which are carried out involving the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury, were lately held on April 29 and had been revealed in the business’s latest Securities and Exchange Commission filing. A federal jury that is grand in to the allegations is also ongoing.

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

Investigation Began in 2013

Back in 2013, FinCEN first informed Caesars that it was investigating the ongoing company for alleged violations regarding the Bank Secrecy Act, an anti-money laundering law. During the time, it had been unclear what, if any, penalties would emerge from the research.

FinCEN has long felt that casinos have done a poor job of preventing money la Continue reading “Caesars Entertainment Money Laundering Allegations Could Cost Operator Millions in Fines”