05/13/2015 // JusticeNewsFlash // (press release)
Las Vegas – Caesars Palace could face fines of up to $20 million after completion of an investigation into its process of preventing and detecting money laundering. According to an Associated Press report federal investigators are checking into whether the casino violated the Bank Secrecy Act, but have not released details on the matter.
Caesars Entertainment Corp. officials met with agencies involved in the investigation last month. The meeting, during which settlement proposals were reportedly discussed, was noted in the company’s third quarter financial report, which it filed with the Securities and Exchange Commission.
Caesars said in the report that it was notified by the U.S. Treasury's Financial Crimes Enforcement Network that an investigation had began into the practices of its flagship property on the Las Vegas Strip in 2013. Officials with the casino have stated that they will again meet with federal officials in June.
As noted in the AP report, federal agencies have begun more investigations into money laundering prevention policies of casinos.