A 15 count complaint against Caesars Entertainment Corp. alleging money laundering at its Caesars Palace casino in Las Vegas was settled with the Nevada Gaming Commission on Thursday for $1.5 million. Caesars had agreed to the stipulated settlement for violating federal anti-money laundering programs earlier and needed the commission to sign off on it.
According to Gaming Commission Chairman Tony Alamo Jr. it was one of the top five fines ever levied in the state. Caesars settled with the United States Treasury’s Financial Crimes Enforcement Network (FinCEN) for $8 million earlier this month for violations of the Bank Secrecy Act and is still subject to an IRS investigation into the activities.
The allegations focused on a three month period in 2012 wherein the company was lax in their control policies in VIP rooms. According to the complaint an IRS investigation found more than 35 violations of compliance from February 2012 through April 2012. Large wire transfers from Asia were not properly monitored and reported. No actual incidences of money laundering occurred according to Chairman Alamo.