Caesars is likely to pay a fine of between $12 million and $20 million for failing to implement proper anti-money laundering measures at their flagship Las vegas, nevada property.
Caesars Entertainment Corp. could be subjected to an incredible number of dollars in fines as the business attempts to settle money laundering allegations it faces from the government that is federal. The video gaming operator happens to be in talks with US authorities over how exactly to settle the claims, which could result in a fine somewhere into the range of $12 million to $20 million.
Speaks, which have been carried out between the Financial Crimes Enforcement Network (FinCEN) of the US Department of this Treasury, were most recently held on 29 and were revealed in the company’s latest Securities and Exchange Commission filing april. A federal grand jury investigation into the allegations normally ongoing.
‘The company and Caesars Palace have now been completely 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 that it was investigating the company for alleged violations of this Bank Secrecy Act, an anti-money laundering law. At the time, it was unclear what, if any, penalties would emerge through the research.
FinCEN has long felt that casinos have inked a poor job of prev (more…)