{"id":777007127,"date":"2023-07-11T08:32:00","date_gmt":"2023-07-11T11:32:00","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777007127"},"modified":"2026-04-22T20:12:20","modified_gmt":"2026-04-22T23:12:20","slug":"federal-court-approves-us293-4m-settlement-between-crown-and-austrac","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/federal-court-approves-us293-4m-settlement-between-crown-and-austrac","title":{"rendered":"Federal Court approves US$293.4m settlement between Crown and AUSTRAC"},"content":{"rendered":"\n

The penalty is for breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.<\/p>\n\n\n\n\n\n\n\n

Australia.- The Federal Court has granted approval for the AU$450m (US$293.4m) settlement between Crown Resorts<\/strong> and\u00a0the Australian Transaction Reports and Analysis Centre<\/strong>\u00a0(AUSTRAC).\u00a0Crown will make staggered payments over the next two years, with no interest to be incurred.<\/p>\n\n\n\n

During the court hearing, Justice Michael Lee <\/strong>expressed concerns about the extended payment schedule, which allows Crown to make staggered payments over two years without incurring interest on later instalments. However, Lee noted that AUSTRAC retains the liberty to seek a variation of the payment terms if Crown’s financial position undergoes a significant change.<\/p>\n\n\n\n

Crown Resorts had previously cautioned that it would face “significant financial hardship” if compelled to make an immediate payment of the full settlement. It expects a loss of AU$390m for the current financial year.<\/p>\n\n\n\n

The settlement between Crown Resorts and AUSTRAC\u00a0was reached in May<\/a>, following a series of inquiries that found Crown unfit to hold a casino licence in any state where it operates. The investigations were triggered by 2019 reports of alleged misconduct.\u00a0<\/p>\n\n\n\n

AUSTRAC has also initiated civil penalty proceedings against Star Entertainment<\/a>\u00a0for alleged non-compliance with anti-money laundering and counter-terrorism financing laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

The penalty is for breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.<\/p>\n","protected":false},"author":176,"featured_media":25149,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Federal Court has approved Crown Resorts' AU$450m (US$293.4m) settlement with AUSTRAC for breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The payment will be staggered over two years without interest, a concession made due to Crown's stated financial hardship, though the court expressed concerns regarding the extended schedule. This resolution follows extensive inquiries that deemed Crown unfit to hold casino licenses and underscores the heightened regulatory scrutiny within the Australian gaming sector, with Star Entertainment also facing similar proceedings.","focusai_entities":"Crown Resorts, AUSTRAC, Justice Michael Lee, Star Entertainment","focusai_location":"Australia","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (1.0), payments_fraud_aml (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Crown's Capital Structure Impact?","query":"What are the long-term implications of this settlement for Crown Resorts' capital structure and future M&A prospects, considering the staggered payment schedule and anticipated financial loss?"},{"label":"AUSTRAC Enforcement Influence?","query":"How will this ruling influence AUSTRAC's enforcement posture and the broader regulatory compliance expectations for other licensed operators in Australia, particularly concerning AML\/CTF governance frameworks?"}],"footnotes":""},"categories":[16336,156,158],"tags":[14657,23911],"class_list":["post-777007127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-regulation-news","category-slider-home","tag-crown-resorts","tag-gambling-regulation"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007127","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777007127"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007127\/revisions"}],"predecessor-version":[{"id":777007141,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007127\/revisions\/777007141"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25149"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777007127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777007127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777007127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}