Saturday September 19,2015 : NEVADA GAMING COMMISSION APPROVES CAESARS $1.5 MILLION A.M.L. FINE
"You shot yourselves in the foot with this one," chairman tells Caesars execs.
The Nevada Gaming Commission took just 15 minutes on Thursday to approve a $1.5 million fine already accepted by Caesars Entertainment for 15 counts of violating federal anti-money laundering programs at Caesars Palace
Commission Chairman Tony Alamo Jr. told a bevy of Caesars executives at the hearing: "You shot yourselves in the foot with this one. We make mistakes, but let's not repeat this one." He added that the fine was one of the biggest five levied in Nevada, commenting that he was sure the company was not proud of that distinction.
The Caesars legal team assured the Commission that the company had initiated "extensive remediation efforts to strengthen their casino's Bank Secrecy Act and anti-money laundering compliance programs."
These measures have included the hiring of Benjamin Floyd as senior vice president for anti-money laundering compliance, an expert who previously worked for Wal-Mart Stores Inc.
Caesars Palace was accused of "highly deficient internal controls" regarding its private gaming salons, with numerous lapses in its anti-money laundering program, and failing to file suspicious transaction activity reports over a three-month period in 2012.
The agreement with state gaming authorities is part of the company's overall settlement with government agencies to end violations of federal money laundering rules at Caesars Palace. Last week, the company agreed to pay an $8 million civil penalty to federal authorities for repeated violations of the Bank Secrecy Act
The IRS conducted a Bank Secrecy Act examination of Caesars Palace from February 2012 through April 2012 and found 37 areas of non-compliance.
However, Nevada Gaming Control Board chairman A.G. Burnett pointed out that zero instances of actual money laundering were found.