Wynn Las Vegas, a subsidiary of Wynn Resorts, has agreed to pay more than $130 million in criminal charges related to unauthorized money laundering.
The US Attorney's Office alleged that Wynn Las Vegas (WLV) used unregistered money transmitters to evade the normal financial system, specifically to help foreign players transfer funds to the casino.
A press release details the agreement reached with WLV to avoid criminal prosecution, which is said to be the casino's largest loss based on admission of wrongdoing. The total amount collected is $130,131,645 (€117.3m/£99.0m).
The Southern District of California, which was the prosecutor in the case, disclosed the prohibited activities that sometimes involved its employees. This involves a web of agents and agreements to circumvent the laws of the United States, as well as China and Latin America.
“Federal oversight seeks to prevent illegal money from contaminating legitimate businesses and ensure that casinos offer clean, prosperous and safe entertainment options,”
One agent in particular is said to have been involved in more than 200 transfers totaling more than $17 million. Casinos Count The extensive investigation also revealed 15 more defendants who confessed to money laundering and illegal transfers and other nefarious activities.
The indictment filed by prosecutors’ details evidence that WLV knowingly allowed individuals convicted of financial crimes to conduct transactions. This includes failing to report the activities of an individual who spent six years in a Chinese prison for conducting illegal international money transfers. U.S. Attorney Tara McGrath said, “Casinos, like all businesses, must be held accountable when they allow customers to circumvent U.S. laws in the name of profit.”
