Australian gaming operator Crown Resorts is facing a fine of some AU$450m ($300m) over 546 breaches of anti-money laundering laws in the country linked to its operations with junkets, in particular former Macau-linked Suncity.
If the fine is paid, it will be the largest-ever linked to a casino operator and the third-largest fine in the history of Australian finance.
The fine has been levelled by the nation’s financial crimes watchdog, the Australian Transaction Reports and Analysis Center.
The Federal Court on Monday heard both AUSTRAC and Crown’s side of the story, resulting in the fine – which is set to be paid out in installments: AU$125m ($83.4m) immediately, AU$125m within a year and the final installment of AU$200m ($133.5m) within two years.
While authorities noted that the deferment in the fine, which is interest-free, would result in an effective discount for Crown, the court has yet to rule on the exact distribution of the penalty, as the court case continues today.
The fine harks back to Crown’s junket-related activities, in particular at its Crown Melbourne and Crown Perth facilities, with particular focus on Suncity, formerly Macau’s largest junket operator, led by the now-imprisoned Alvin Chau.
The court is examining how money was funneled between Crown and Suncity between 2016 and 2020, via junket rooms in the group’s Australia-based casinos and the junket’s cash desks.
Source: Asia Gaming Brief
