Crown cops biggest non-bank money laundering fine ever
Crown Resorts has agreed to a $450 million fine from the Australian Transaction Reports and Analysis Centre – known as AUSTRAC – in the biggest money landering-related fine ever applied to a non-financial institution.
Author and finance crime journalist Nathan Lynch told Gary Adshead on 6PR Mornings after cracking down on banks the financial watchdog is now hitting casinos, investment companies and more.
“AUSTRAC’s the most fearsome enforcement agency in Australia now in the corporate sector,” Mr Lynch said.
“They had the $700 million fine against Commonwealth Bank, then $1.3 billion against Westpac. The whole banking sector is on notice; now this is the first big fine against a casino.”
Press PLAY to hear more about the historic anti-money laundering fine