Nevada Gaming Regulators Crack Down on Money Laundering Violations by Resorts World
Disciplinary Complaint Alleges 12 Violations
Nevada's gaming regulators have filed a 12-count disciplinary complaint against Resorts World, alleging violations related to money laundering practices.
Alleged Culture of Tolerance
The complaint claims Resorts World allowed a culture that tolerated money laundering violations, resulting in three gamblers facing federal investigations for illegal sports betting operations.
Resort Executives Implicated
Former MGM Grand President Pleads Guilty
Scott Sibella, former president of MGM Grand, pleaded guilty to violating federal anti-money laundering rules in January.
MGM Resorts Pays to Avoid Prosecution
MGM Resorts agreed to pay $75 million to avoid prosecution in the investigation involving Sibella and another former casino executive.
International Penalties for Money Laundering
Resorts World Sentosa Fined
Resorts World Sentosa in Singapore was fined $167 million for regulatory breaches, including anti-money laundering violations.
Cosmopolitan Pays Penalty
The Cosmopolitan, acquired by MGM Resorts International, agreed to pay a penalty for anti-money laundering violations.
Binance Faces Federal Charges
Prosecutors allege Binance and its CEO, CZ, conspired to violate US money services business registration requirements.
Crown Resorts Settles
Crown Resorts agreed to pay a $450 million fine for breaching anti-money laundering laws in Australia.
Global Surge in Anti-Money Laundering Fines
Financial Institutions Hit with Record Penalties
Financial institutions worldwide faced $66 billion in fines in 2023 for anti-money laundering violations.
UAE Enforcement
The UAE imposed $77 million in fines on 225 firms for violating anti-money laundering laws in 2023.
Recent Notable Penalties
- Crown Resorts: $450 million - Resorts World Sentosa: $167 million - Binance: $95 million - Cosmopolitan: Undisclosed amount
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