The Financial Crimes Enforcement Network, or FinCEN, a unit of the U.S. Treasury, said Caesars Palace has agreed to pay an $8 million penalty for willful and repeated violations of the Bank Secrecy Act. The casino company also agreed to conduct periodic external audits and independent testing of its anti-money-laundering compliance program. Caesars admitted its guilt in the settlement. Since Feb. 1, 2012, Caesars has deliberately neglected to develop and implement a reasonably designed anti-money-laundering program and to report suspicious activity, in particular in its private gaming salons, FinCEN said. Caesars marketed these private gaming salons in the United States and abroad, particularly in Asia, but failed to adequately monitor transactions for suspicious activity and missed it when it did occur, according to the enforcement order. Caesars’ petition for bankruptcy, made in January 2015, remains pending.
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