- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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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2024-09-10T14:29:00Z By Adrianne Appel
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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Enforcement actions in the first half of of 2024 by the Treasury Department’s Financial Crimes Enforcement Network highlight the importance of proactive measures in Bank Secrecy Act compliance rather than just being compliant.
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