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Wynn Resorts pays US$130 million over unlicensed money transfers
Gaming giant Wynn Resorts has agreed to pay $130 million to settle a Department of Justice investigation into unlicensed foreign betting.
The DOJ targeted Wynn Las Vegas after uncovering ‘criminal allegations that it conspired with unlicensed money transmitting businesses worldwide to transfer funds for the financial benefit of the casino.’
It agreed the penalty as part of a non-prosecution settlement.
The company claims the years-long investigation didn’t provide evidence of money laundering.
Wynn Resorts says it stopped dealing with individuals and entities involved in the ‘convoluted transactions.’
The investigation first began in 2014.
The Justice Department detailed various actions used to circumnavigate rules.
An individual, as an independent agent for the casino, made more than 200 money transfers of nearly $18 million through ‘associated entities’ of the casino resort for more than 50 foreign casino guests.
It involved casino patrons from China and other countries.
Although Wynn Resorts claims there were no money laundering violations, 15 people admitted money laundering and unlicensed money transfer offenses during the investigation.
“Wynn Las Vegas agreed to a Statement of Facts which was included in the Non-Prosecution Agreement and nowhere does that statement mention money laundering,” the company said.
“Several former employees facilitated the use of unlicensed money transmitting businesses, which violated our internal policies and the law, and for which we take responsibility.”
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