Crown Melbourne undergoes formal investigation over AML concerns. AUSTRAC, the financial crime watchdog of Australia, has started a formal investigation into alleged violations by Crown Resorts of the country’s anti-money laundering laws.
In a Monday morning filing with the Australian Securities Exchange, Crown disclosed that it had been notified of the AUSTRAC inquiry after the Regulatory Operations branch of the Authority had detected the alleged non-compliance of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 and the Anti-Money Laundering and Counter Terrorism Financing Rules 2007 by Crown Melbourne.
The potential non-compliance relates to “ongoing customer due diligence, and adopting, maintain and complying with an anti-money laundering/counter terrorism financing program,” Crown said.
It added that the concerns were identified “in the course of a compliance assessment that commenced in September 2019 and focused on Crown Melbourne’s management of customers identified as high risk and politically exposed persons.”