{"id":5064,"date":"2022-03-02T11:53:52","date_gmt":"2022-03-02T11:53:52","guid":{"rendered":"https:\/\/www.top10casinowebsites.net\/news\/?p=5064"},"modified":"2022-03-02T11:53:52","modified_gmt":"2022-03-02T11:53:52","slug":"crown-resorts-hit-with-lawsuit-over-breached-financial-regulations","status":"publish","type":"post","link":"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/","title":{"rendered":"Crown Resorts Hit With Lawsuit Over Breached Financial Regulations"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2019\/04\/crown-resorts.jpg\" alt=\"Crown Resorts\" title=\"Crown Resorts Hit With Lawsuit Over Breached Financial Regulations \" width=\"300\" class=\"alignright size-full wp-image-4191\" \/><strong>Summary<\/strong><\/p>\n<ul>\n<li>Crown Resorts hit with lawsuit from AUSTRAC<\/li>\n<li>Lawsuit filed as Crown Resorts breached financial regulations<\/li>\n<li>Will the lawsuit have an impact on Crown-Blackstone acquisition?<\/li>\n<\/ul>\n<p>Australia\u2019s financial intelligence agency, <strong>Australian Transaction Reports and Analysis Centr<\/strong>e (Austrac) filed a lawsuit in federal court against Crown Resorts on 1 March 2022 for \u2018<em>innumerable<\/em>\u2019 breaches of anti-money laundering (AML) and counter-terrorism finance (CTF) laws. <\/p>\n<p>In its <a href=\"https:\/\/www.austrac.gov.au\/sites\/default\/files\/2022-03\/20220301_Concise-Statement_stamped.pdf\">legal filing<\/a>, Austrac said that Crown\u2019s failure to address its shortcomings and do \u2018<em>due diligence<\/em>&#8216; on high-risk customers accounted for <strong>547 breaches of AML\/CTF laws<\/strong>.<\/p>\n<h2>Crown\u2019s \u2018<em>Due Diligence<\/em>\u2019 Failure Exposed Australia to Crime<\/h2>\n<p>Austrac filed the lawsuit after an investigation showed that James Packer-led Crown had failed to implement an AML\/CTF program to mitigate the misappropriation of its casinos. Austrac said that Crown\u2019s failure to perform due diligence on its customers left it and Australia&#8217;s financial system vulnerable to criminal exploitation. The high-risk group of customers included <a href=\"https:\/\/www.top10casinowebsites.net\/news\/austrac-admits-to-being-powerless-in-stopping-junket-operators-from-money-laundering\/\">money laundering suspects<\/a> linked to organised crime, overseas junket operators and players, and government officials from abroad.<\/p>\n<p>The regulator cited that over 60 customers engaged in suspicious cash transactions of $70 billion and stowed away massive amounts of cash in plastic bags, shoeboxes along with dealing in counterfeit cash. Overseas junkets from Asia were a lucrative part of Crown\u2019s business. However, given the allegations, the group denies accepting them.<\/p>\n<p>Austrac also alleged that 447 others were involved in ML\/TF transactions, found by Crown\u2019s external consultants. The group might incur a penalty of more than $1.2 billion with each proven breach of law. Previously, Australian bank <strong>Westpac had attracted a $1.3 billion fine to settle allegations by Austrac<\/strong> that it had breached AML\/CTF laws and had allowed 12 customers to transfer money to the Philippines to fund child exploitation.<\/p>\n<p>According to its chief executive <strong>Nicole Rose<\/strong>, since Crown is working to address its failings, there is scope for improvement. Austrac is working with the group to develop a remediation plan that would aid Crown in complying with laws and managing financial crime risk in a better way. Rose asserted that it was a result of a change in organisational culture.<\/p>\n<h2>Austrac\u2019s Filing Might Jeopardise Crown-Blackstone Deal<\/h2>\n<p>Austrac\u2019s legal filing might jeopardise Crown\u2019s attempts to pull off the <a href=\"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-gets-approval-for-blackstones-acquisition-offer\/\">$8.9 billion acquisition bid by American equity behemoth Blackstone<\/a>. Crown had replaced the majority of its board and management in 2021 as it faced a bevy of inquiries in New South Wales (NSW) and Victoria that criticised James Packer\u2019s control over the group. Packer still holds 37% of Crown\u2019s shares.<\/p>\n<p>While Crown has said that it was reviewing the lawsuit, Blackstone did not comment on the development. Crown\u2019s shares registered a decrease from $13.10 to $12.23, 1.2% lesser than what Blackstone had offered it. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary Crown Resorts hit with lawsuit from AUSTRAC Lawsuit filed as Crown Resorts breached financial regulations Will the lawsuit have an impact on Crown-Blackstone acquisition? Australia\u2019s financial intelligence agency, Australian Transaction Reports and Analysis Centre (Austrac) filed a lawsuit in federal court against Crown Resorts on 1 March 2022 for \u2018innumerable\u2019 breaches of anti-money laundering [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,13,11],"tags":[],"class_list":["post-5064","post","type-post","status-publish","format-standard","hentry","category-australia","category-industry","category-legislation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crown Resorts Hit With Lawsuit Over Breached Financial Regulations<\/title>\n<meta name=\"description\" content=\"Australia\u2019s financial intelligence agency has filed a lawsuit in federal court against Crown Resorts for \u2018innumerable\u2019 breaches of anti-money laundering\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crown Resorts Hit With Lawsuit Over Breached Financial Regulations\" \/>\n<meta property=\"og:description\" content=\"Australia\u2019s financial intelligence agency has filed a lawsuit in federal court against Crown Resorts for \u2018innumerable\u2019 breaches of anti-money laundering\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/\" \/>\n<meta property=\"og:site_name\" content=\"Top 10 Casino Websites\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-02T11:53:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2019\/04\/crown-resorts.jpg\" \/>\n<meta name=\"author\" content=\"Carolyn Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Carolyn Dutton\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/\",\"url\":\"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/\",\"name\":\"Crown Resorts Hit With Lawsuit Over Breached Financial Regulations\",\"isPartOf\":{\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2019\/04\/crown-resorts.jpg\",\"datePublished\":\"2022-03-02T11:53:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/#\/schema\/person\/e3d883f1cadadbf981f347183b068922\"},\"description\":\"Australia\u2019s financial intelligence agency has filed a lawsuit in federal court against Crown Resorts for \u2018innumerable\u2019 breaches of anti-money laundering\",\"breadcrumb\":{\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/#primaryimage\",\"url\":\"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2019\/04\/crown-resorts.jpg\",\"contentUrl\":\"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2019\/04\/crown-resorts.jpg\",\"width\":380,\"height\":250,\"caption\":\"Crown Resorts\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.top10casinowebsites.net\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crown Resorts Hit With Lawsuit Over Breached Financial Regulations\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/#website\",\"url\":\"https:\/\/www.top10casinowebsites.net\/news\/\",\"name\":\"Top 10 Casino Websites\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.top10casinowebsites.net\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/#\/schema\/person\/e3d883f1cadadbf981f347183b068922\",\"name\":\"Carolyn Dutton\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2018\/08\/carolyn-dutton.jpg\",\"contentUrl\":\"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2018\/08\/carolyn-dutton.jpg\",\"caption\":\"Carolyn Dutton\"},\"description\":\"Carolyn is our legislation expert, with a background in law she is able to cover the current state of gambling around the world\",\"url\":\"https:\/\/www.top10casinowebsites.net\/news\/author\/carolyn\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Crown Resorts Hit With Lawsuit Over Breached Financial Regulations","description":"Australia\u2019s financial intelligence agency has filed a lawsuit in federal court against Crown Resorts for \u2018innumerable\u2019 breaches of anti-money laundering","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/","og_locale":"en_US","og_type":"article","og_title":"Crown Resorts Hit With Lawsuit Over Breached Financial Regulations","og_description":"Australia\u2019s financial intelligence agency has filed a lawsuit in federal court against Crown Resorts for \u2018innumerable\u2019 breaches of anti-money laundering","og_url":"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/","og_site_name":"Top 10 Casino Websites","article_published_time":"2022-03-02T11:53:52+00:00","og_image":[{"url":"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2019\/04\/crown-resorts.jpg","type":"","width":"","height":""}],"author":"Carolyn Dutton","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Carolyn Dutton","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/","url":"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/","name":"Crown Resorts Hit With Lawsuit Over Breached Financial Regulations","isPartOf":{"@id":"https:\/\/www.top10casinowebsites.net\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/#primaryimage"},"image":{"@id":"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/#primaryimage"},"thumbnailUrl":"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2019\/04\/crown-resorts.jpg","datePublished":"2022-03-02T11:53:52+00:00","author":{"@id":"https:\/\/www.top10casinowebsites.net\/news\/#\/schema\/person\/e3d883f1cadadbf981f347183b068922"},"description":"Australia\u2019s financial intelligence agency has filed a lawsuit in federal court against Crown Resorts for \u2018innumerable\u2019 breaches of anti-money laundering","breadcrumb":{"@id":"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/#primaryimage","url":"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2019\/04\/crown-resorts.jpg","contentUrl":"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2019\/04\/crown-resorts.jpg","width":380,"height":250,"caption":"Crown Resorts"},{"@type":"BreadcrumbList","@id":"https:\/\/www.top10casinowebsites.net\/news\/crown-resorts-hit-with-lawsuit-over-breached-financial-regulations\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.top10casinowebsites.net\/news\/"},{"@type":"ListItem","position":2,"name":"Crown Resorts Hit With Lawsuit Over Breached Financial Regulations"}]},{"@type":"WebSite","@id":"https:\/\/www.top10casinowebsites.net\/news\/#website","url":"https:\/\/www.top10casinowebsites.net\/news\/","name":"Top 10 Casino Websites","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.top10casinowebsites.net\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.top10casinowebsites.net\/news\/#\/schema\/person\/e3d883f1cadadbf981f347183b068922","name":"Carolyn Dutton","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.top10casinowebsites.net\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2018\/08\/carolyn-dutton.jpg","contentUrl":"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2018\/08\/carolyn-dutton.jpg","caption":"Carolyn Dutton"},"description":"Carolyn is our legislation expert, with a background in law she is able to cover the current state of gambling around the world","url":"https:\/\/www.top10casinowebsites.net\/news\/author\/carolyn\/"}]}},"_links":{"self":[{"href":"https:\/\/www.top10casinowebsites.net\/news\/wp-json\/wp\/v2\/posts\/5064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.top10casinowebsites.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.top10casinowebsites.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.top10casinowebsites.net\/news\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.top10casinowebsites.net\/news\/wp-json\/wp\/v2\/comments?post=5064"}],"version-history":[{"count":0,"href":"https:\/\/www.top10casinowebsites.net\/news\/wp-json\/wp\/v2\/posts\/5064\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.top10casinowebsites.net\/news\/wp-json\/wp\/v2\/media?parent=5064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.top10casinowebsites.net\/news\/wp-json\/wp\/v2\/categories?post=5064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.top10casinowebsites.net\/news\/wp-json\/wp\/v2\/tags?post=5064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}