The post Caesars Hit With $7.8m Fine Over Ineffective AML Program in Nevada appeared first on Vegas Slots Online News.
Caesars Entertainment will pay a $7.8m fine in Nevada for subpar anti-money laundering (AML) compliance. The company did not comment on the allegations nor try to submit any evidence in its defense.
AML program was “ineffective” when identifying sources of funds
The Nevada Gaming Control Board (NGCB) did not provide specific details regarding exactly what Caesars’ failings were, stating only that the AML program was “ineffective” when identifying sources of funds and properly assessing allegations of illegal activity.
The casino company will need to align its standards with regulatory requirements and provide regular updates to the NGCB chairperson. There will be mandatory in-person training of certain types of employees, including casino hosts and independent agents.
Senior management will have to undergo annual AML training and must have systems in place for transferring information to and from financial institutions. One person will also need to be appointed to oversee AML-related decisions, including suspending or reinstating customers and handling the relevant suitability applications.
The post Caesars Hit With $7.8m Fine Over Ineffective AML Program in Nevada appeared first on Vegas Slots Online News.
