Crown Resorts Accepts Hefty Fine, Vows to Transform into Ethical Gaming Leader

Sovereign Gaming has consented to a substantial penalty of AU$450 million (roughly US$294 million) to resolve a protracted legal dispute with Australia’s financial crimes regulator, AUSTRAC. The casino powerhouse was apprehended violating anti-money laundering and terrorism financing regulations, essentially overlooking potentially illicit funds moving through its establishments.

This resolution, pending approval from the Federal Court, represents a crucial stride for Sovereign as it endeavors to overcome a string of controversies and regulatory breaches that sullied its standing.

Sovereign’s Chief Executive, Ciarán Carruthers, admitted the company’s previous shortcomings, asserting that the Sovereign of today is a far cry from the entity accountable for these intolerable past errors. He stressed the company’s dedication to a fresh start and a future where adherence to regulations is paramount.

Crown Resorts aims to be the global frontrunner in ethical gaming and leisure, prioritizing risk reduction above all else.

They are backing their commitment with substantial investments in a comprehensive reformation initiative. This encompasses allocating over $40 million AUD to bolstering their financial misconduct compliance, significantly enlarging their financial misconduct and compliance unit with roughly 170 fresh recruits (including specialists drawn from the banking sector!), and entirely revamping how they disclose financial wrongdoings to their Board of Directors.