By
Jeff Dale2024-01-26T19:50:00
Two Las Vegas casinos agreed to pay penalties of nearly $7.5 million as part of separate non-prosecution agreements with the Department of Justice addressing violations of the Bank Secrecy Act (BSA) over alleged anti-money laundering (AML) compliance failings.
The MGM Grand agreed to pay a fine of more than $6.5 million, while its former President Scott Sibella pleaded guilty to federal charges of violating the BSA, the U.S. Attorney’s Office for the Central District of California announced in a press release Thursday.
The Cosmopolitan of Las Vegas, which is operated by MGM, agreed to pay nearly $1 million in fines.
Both casinos will forfeit $500,000 in illicit proceeds counted toward their fines, undergo external review, and enhance their AML compliance programs as part of their respective settlements.
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Wynn Las Vegas agreed to forfeit $130 million to settle a range of criminal allegations, including allegedly helping foreign customers hide money transfers and shielding patrons from Bank Secrecy Act and anti-money laundering rules, the Department of Justice said.
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Senate Democrats warned OMB Director Russell Vought Tuesday that it would be illegal for the Trump administration to shut down the Consumer Financial Protection Bureau, citing a recent court decision barring actions that could severely harm the agency.
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It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
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The founder of crypto exchange Binance, Changpeng Zhao, received a pardon from President Donald Trump. This pardon comes almost two years after Zhao signed a plea agreement and was sentenced to a four-month prison sentence.
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