Wynn Las Vegas agrees to $5.5M settlement over anti-money laundering violations
Wynn Resorts has agreed to pay $5.5 million to settle allegations that its Las Vegas properties failed to implement proper anti-money laundering procedures, according to a press release from the US Attorney’s Office for the District of Nevada.
From 2015 to 2019, the Wynn Las Vegas and Encore resorts, which are owned by Wynn Resorts, “failed to implement and maintain an adequate anti-money laundering program,” according to the release. The resorts also failed to adequately report suspicious transactions, including those involving casino chips, according to the settlement.
The settlement concludes a two-year investigation into the resorts’ activities and represents the largest ever resolution for a casino violation of the Bank Secrecy Act, which requires casinos to implement anti-money laundering procedures.
“Wynn Resorts fully cooperated with the government’s investigation, and fully implemented enhancements to its anti-money laundering program,” said Wynn Resorts CEO Matt Maddox in a statement. “While Wynn Resorts has not admitted liability, settling avoids the delay, uncertainty and expense of litigation.”
The investigation was conducted by the US Attorney’s Office for the District of Nevada, the FBI’s Southern Nevada Mortgage Fraud Task Force and IRS Criminal Investigation.
“Las Vegas casinos owe it to the community and the nation to guard against people who try to exploit them for criminal purposes,” said US Attorney Jason M. Ray for the District of Nevada. “This settlement is a reminder to all casinos to take their obligations seriously and to ensure that they have adequate policies in place to guard against financial crime.”