Australia: Crown Resorts faces Australia money laundering probe

Shares in Crown Resorts sank as much as 10 percent after the Australian casino operator said it is being investigated by the country’s financial crimes regulator for potential breaches of anti-money laundering and counter-terrorism financing rules.

Crown said Austrac identified concerns during a September 2019 compliance assessment at its Melbourne casino that focused on its management of customers identified “as high risk and politically exposed persons”.

“The potential non-compliance includes concerns in relation to ongoing customer due diligence, and adopting, maintaining and complying with an anti-money laundering/counter-terrorism financing program,” the company said.

The original full article can be found at ft.com

(Photo: Bloomberg)

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