Money Laundering Suspected at Australia’s Crown Casino Resort

money launderingCasino Crowns Resort faces money-laundering allegations and several fines at several branches throughout Australia. This has called into question the safety of casino resorts and highlights the necessity of steps taken by the Gaming Commission of Ghana against money laundering and terrorist financing through casinos.

Money Laundering at Crown Casinos Resort

Crown Casinos is one of Australia’s biggest and most renowned brands. With branches in nearly every major city, every Aussie gambling enthusiast is familiar with the name. While the infamous casino has faced similar allegations and issues in the past, our latest report takes us to the casino’s Perth branch.

Crown Casino’s Perth branch faces a fine and two-year suspension in light of new allegations and safety concerns published in a report filed by the Perth Royal Gambling Commission. It addresses several suspicious activities and issues that have resulted in the branch’s WA Gaming License being revoked. 

Moreover, Crown Casinos Resort has multiple branches that have been accused of money laundering allegations in the past. Before Perth, several subsidiaries, particularly the Melbourne, Victoria, and New South Wales branches, were also reported for money laundering. 

The latest string of fines also includes Melbourne’s Crown Casino, which could be facing a $100 million penalty for engaging in a scheme involving illegal fund transfers from China. Just last year, Victoria’s Gaming Commission fined the local casino branch $1 million for its junket operations

Additionally, some other notable allegations in the past and present have mentioned unvetted junket operators, abuse of privilege, transparency issues, and facilitation of illicit activities. Perth’s Crown Casino has also been accused of not using random number generators, the bedrock of fair play policies on slots and poker machines. Issues regarding the lack of consistent communication and transparency with the regulatory authorities have also been highlighted in the recent report by the Perth Royal Gambling Commission.

Security concerns at the famous casino resort are no joking matter. People are beginning to grow concerned over the number of fines and allegations that Crown Casinos face every year. Crown Casinos must update its security and responsible gaming policy to keep its license

Ghana Gaming Commission’s Efforts to Curb Illegal Activities 

Ghana’s Gaming Commission is taking steps to avoid similar issues from tainting its casinos. In September 2021, the commission doubled down in its efforts to enforce KYC verification in Ghana’s gaming industry. 

The move comes after the country’s gambling scene skyrocketed, resulting in a need for KYC verification and FATF compliance to fight against money laundering and terrorist financing. Making this step mandatory for Ghana’s casinos will also help safeguard stakeholder interests.

KYC verification refers to “Know Your Customer” standards designed to protect banks, insurance companies, casinos, and other financial institutions against fraud, money laundering, and terrorist financing. 

Therefore, it is now mandatory for casinos operating across Ghana to verify the identity of their clients, old and new ones. Similarly, when a player sets up a new account at an online casino, they will be asked to verify their identity for security purposes. 

In addition to this vetting process, casinos will also be subjected to third-party verification of identities to ensure the authenticity of KYC verification. Similar processes help business establishments know who their clients are and allow casinos to establish trust with the players. Betway, one of the biggest casino brands in Ghana, is one of the leading players pushing for regulatory compliance

Betway Ghana has introduced a new specialized account management team for player verification and organizes regular staff training programs to help employees fight against money laundering and terrorist financing.

Casinos are one of the biggest attractions in many countries, and they’re pretty rewarding if you know a couple of strategies to apply to slots and table games. However, with troubling news regarding casino frauds making daily headlines, only time will tell what casino brands do to ensure strict regulatory compliance to prevent financial crimes.

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