Caesars Paying 20M Dollars for Anti-Money Laundering Lapses

According to Reuters, Caesars Entertainment has agreed to pay $20 million “to settle US charges over anti-money laundering lapses and will enter into a deferred prosecution agreement with the Justice Department.”

The fine has not been formally announced, but Reuters expected it to become public in the coming days. Caesars has been under investigation by the Financial Crimes Enforcement Network (FinCEN) and, according to the news agency, “Among other lapses, the company’s flagship property, Caesars Palace casino in Las Vegas, failed to properly police its sports book activity for wagers placed by illegal betting rings.”

Earlier this year, it was reported that the fine could range between $12 million and $20 million, so Caesars is reportedly at the very top of that estimate.

According to PokerNews, “Over the past few years, Caesars has repeatedly been on FinCEN’s radar, who’ve accused them of implementing weak anti-money laundering controls and failing to comply with US anti-money laundering law, the Bank Secrecy Act, that stems from an investigation that began back in 2013.”

Reuters added that although banks have historically been the targets of anti-money laundering efforts, casinos have come under increased scrutiny in recent years. As Reuters recapped, “In August 2013, Las Vegas Sands Corp. agreed to pay $47 million to settle with the Justice Department over anti-money laundering failures. Earlier this year, the Trump Taj Mahal Casino Resort in Atlantic City, New Jersey also agreed to pay FinCEN $10 million over anti-money laundering lapses.”

Caesars’ Rio in Las Vegas is home to the annual World Series of Poker. The parent company is saddled with debt, but according to company officials earlier this year, the anti-money laundering settlement will not impact its financial results.

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