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AUSTRAC Launches Formal Investigation into Crown Melbourne Over AML Concerns
AUSTRAC, Australia’s financial crime watchdog, has launched a formal investigation into potential infringements of the country’s anti-money laundering laws by Crown Resorts.
In a Monday morning filing with the Australian Securities Exchange, Crown revealed that it had been informed of the investigation by AUSTRAC after the authority’s Regulatory Operations branch identified potential non-compliance by Crown Melbourne of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 and the Anti-Money Laundering and Counter Terrorism Financing Rules 2007.
The potential non-compliance relates to “ongoing customer due diligence, and adopting, maintain and complying with an anti-money laundering/counter terrorism financing program,” Crown said.
It added that the concerns were identified “in the course of a compliance assessment that commenced in September 2019 and focused on Crown Melbourne’s management of customers identified as high risk and politically exposed persons.”
