Caesars Entertainment hit with $7.8M fine for weak anti-money laundering controls
Caesars Entertainment has been fined $7.8m by the Nevada Gaming Control Board (NGCB) for inadequate anti-money laundering (AML) compliance. The company has not commented on the allegations and has failed to provide evidence in its defense. The NGCB found Caesars' AML program ineffective in identifying the sources of funds and assessing allegations of illegal activity. To address this, Caesars must align its AML standards with regulatory requirements and provide regular updates to the NGCB chairperson. The company has also been ordered to appoint one person to oversee AML-related decisions, including customer suspensions, reinstatements, and suitability applications. Senior management must now receive annual AML training and establish systems for transferring information to and from financial institutions. Certain employees, such as casino hosts and independent agents, will undergo mandatory in-person AML training. Caesars Entertainment will pay the $7.8m fine and is expected to implement the necessary changes to its AML program. The NGCB will monitor the company's progress to ensure it meets the required standards.
