Crown Resorts facing AUSTRAC investigation over money laundering breaches

Crown Resorts is being formally investigated by the financial crimes watchdog over potential breaches of anti-money laundering laws in its flagship Melbourne casino.

The ASX-listed casino giant, which counts billionaire James Packer as its largest shareholder, told investors on Monday morning that it had received a notice from AUSTRAC about potential “non-compliance” and that the regulator had referred the matter to its enforcement team.

Crown Casino in Melbourne.
Crown Casino in Melbourne. Credit:Joe Armao

AUSTRAC’s concerns were identified in a compliance assessment that began in September 2019 and examined “Crown Melbourne‚Äôs management of customers identified as high risk and politically exposed persons.”

More to come.

Most Viewed in Business

Source: Thanks smh.com