ISX off-topic thread, page-3547

Why has Crown not been suspended by the ASX ?


AUSTRAC commences proceedings in the Federal Court against Crown Melbourne and Crown Perth

AUSTRAC will today commence civil penalty proceedings in the Federal Court against Crown Melbourne and Crown Perth for alleged serious and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.


AUSTRAC’s allegations are extensive and include that Crown Melbourne and Crown Perth:

Failed to appropriately assess the money laundering and terrorism financing risks they faced, including the likelihood and impact of those risks, and to identify and respond to changes in risk over time.

Did not include in their AML/CTF programs appropriate risk-based systems and controls to mitigate and manage the risks to which Crown were reasonably exposed.

Failed to establish an appropriate framework for Board and senior management oversight of the AML/CTF programs.

Did not have a transaction monitoring program to monitor transactions and identify suspicious activity that was appropriately risk-based or appropriate to the nature, size and complexity of Crown.

Did not have an appropriate enhanced customer due diligence program to carry out additional checks on higher risk customers.

Did not conduct appropriate ongoing customer due diligence on a range of customers who presented higher money laundering risks.

https://www.austrac.gov.au/news-and-media/media-release/austrac-commences-proceedings-federal-court-against-crown-melbourne-and-crown-perth