Australia’s Federal Court has approved a settlement deal between Crown resorts and financial crimes watchdog AUSTRAC that will see the casino giant pay a total of AU$450 million (US$293 million) for historical AML failures.
Despite reports that Justice Michael Lee considered the settlement amount to be insufficient, the final judgement issued Tuesday afternoon ultimately gave the green light to proceed – even taking into account Crown’s request to stagger the payment over the next two years.
As per Justice Lee’s ruling, Crown Melbourne will pay to the Commonwealth of Australia a penalty of AU$300 million (US$200 million) and Crown Perth a penalty of AU$150 million (US$100 million), comprising AU$450 in total.
