A new lawsuit alleges that the Australian operator engaged in misleading behaviour over its anti-money laundering controls.<\/p>\n\n\n\n\n\n\n\n
Australia.- Shareholders have lodged a new class action against the Australian gaming giant Crown Resorts Victorian Supreme Court<\/p>\n\n\n\n
The suit presented by the law firm Maurice Blackburn seeks compensation for shareholders\u2019 losses due to Crown\u2019s non-compliance on anti-money laundering rules between December 2014 and October 2020.<\/p>\n\n\n\n
Crown told shareholders it has not yet been served with the originating process. The operator is currently under investigation<\/a><\/em><\/strong> by the New South Wales Independent Liquor and Gaming Authority (ILGA) and the financial crimes watchdog, AUSTRAC<\/a><\/em><\/strong>.<\/p>\n\n\n\n The investigations stem from an incident from 2016 when 19 officials were arrested for promoting gambling in China, where it is illegal. <\/p>\n\n\n\n The investigation revealed that Crown allowed Chinese high rollers with links to organised crime to use unsupervised bank accounts. the operator also sponsored permits for them to enter Australia and gamble at local casinos.<\/p>\n\n\n\n One shareholder class action had already been launched and is expected to reach trial in 2022.<\/p>\n\n\n\n The new case claims that Crown had promised shareholders robust controls against money laundering which were not enforced. It alleges that Crown engaged in misleading and deceptive conduct, breached its continuous disclosure obligations and conducted its affairs contrary to the interests of members as a whole during the period.<\/p>\n\n\n\n Maurice Blackburn says that the class action seeks compensation from Crown including the potential buy-back of investors\u2019 shares at a fair value decided by the court. <\/p>\n","protected":false},"excerpt":{"rendered":" A new lawsuit alleges that the Australian operator engaged in misleading behaviour over its anti-money laundering controls.<\/p>\n","protected":false},"author":2,"featured_media":12723,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"A new class action lawsuit has been filed against Australian operator Crown Resorts in the Victorian Supreme Court, alleging misleading conduct regarding its anti-money laundering (AML) controls and breaches of continuous disclosure obligations between 2014 and 2020. The suit, brought by Maurice Blackburn, seeks compensation for shareholder losses, adding to existing regulatory investigations by ILGA and AUSTRAC stemming from past incidents involving high rollers and organized crime links.","focusai_entities":"Crown Resorts, Maurice Blackburn, New South Wales Independent Liquor and Gaming Authority (ILGA), AUSTRAC","focusai_location":"Australia, China, Victoria, New South Wales","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), payments_fraud_aml (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Crown AML Impact","query":"What are the potential financial liabilities and long-term reputational impacts for Crown Resorts stemming from this new class action and ongoing regulatory investigations by AUSTRAC and ILGA?"},{"label":"Regulatory Precedent","query":"How might the outcome of this class action and the associated regulatory findings influence future AML compliance expectations and continuous disclosure obligations for other publicly listed iGaming operators in Australia and beyond?"}],"footnotes":""},"categories":[16336,439],"tags":[289,14657],"class_list":["post-12721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-legal-news","tag-australia","tag-crown-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/12721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=12721"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/12721\/revisions"}],"predecessor-version":[{"id":12724,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/12721\/revisions\/12724"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/12723"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=12721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=12721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=12721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}