MGM Grand, Cosmopolitan fined $7.5M total over BSA violations
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.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefDOJ orders Wynn Las Vegas to forfeit $130M over BSA/AML violations
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.
-
PremiumStrengthening BSA/AML defenses: Critical role of ERTs in modern day compliance
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.
-
News BriefCompliance officer BSA case a cautionary tale for small banks
A New York-based Bank Secrecy Act compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice and the Financial Crimes Enforcement Network.
More from Regulatory Enforcement
-
ArticleCMA holds companies responsible for false claims, fake reviews ‘throughout supply chain’
Companies face large fines if they spread false marketing claims or fake reviews about their products and services—as well as those by suppliers—under a toughened competition regime in the U.K. aimed at enhancing consumer protection.
-
ArticleFTC warns VISA and other processors that company policies may lead to debanking
Visa, Mastercard, PayPal, and Stripe have received letters from the Federal Trade Commission, warning the companies to end any policies or terms of service that may result in the “debanking” of customers.
-
ArticleDOJ makes good on corporate-friendly enforcement policy with Balt resolution
The ink was barely dry on the U.S. Department of Justice’s new corporate enforcement policy (CEP) when the agency announced it would not prosecute Balt SAS for alleged bribery violations.