Crown: money laundering activity detected up to February 2021
Nearly 50 account banks linked to Crown Resorts will be reviewed by a major auditing firm after indications of money laundering were detected between December 1, 2020, and February 18, 2021.
Australia.- As part of Victoria’s Royal Commission into Crown Resorts, auditors Deloitte will review almost 50 bank accounts for evidence of suspicious payments potentially linked to money laundering.
According to Perth Now, Deloitte partner Lisa Dobbin said there had been suspicious transactions potentially linked to money laundering at Crown up until at least February of this year.
A preliminary report suggested a large sum of money had been divided across 14 accounts to avoid the AU$10,000 disclosure threshold.
Deloitte is also focusing on so-called patron accounts, used by Crown Resorts to allow customers to deposit money for use at casinos. It says these accounts could potentially be used for money laundering.
Dobbin said the audit is in its preliminary stages. A final report is expected by August.
Deloitte’s investigation is independent of the analysis by anti-money laundering consultancy Initialism.
Neil Jeans, principal at Initialism, told Victoria’s Royal Commission that he had advised former chief executive Ken Barton about money laundering risks and suggested a full review of all transactions. However, the company did not act until over a year later, he said.