The Australian Transaction Reports and Analysis Center (AUSTRAC) recently initiated civil penalty proceedings against casinos Crown Melbourne and Crown Perth for non-compliance with Australia’s AML/CFT laws.
As per AUSTRAC, Crown failed to meet several AML/CFT obligations. For example, Crown Melbourne and Crown Perth did not perform adequate ML/TF risk assessment. They also did not incorporate risk-based controls or an appropriate framework for senior management oversight in their AML/CFT programs.
Moreover, the casinos did not have adequate transaction monitoring and enhanced customer due diligence programs to identify suspicious activity and monitor high-risk customers. All these AML/CFT failings made Crown vulnerable to misuse by criminals.