Caesars Entertainment (CZR – Get Report) shares are fluctuating in early market trading after opening at $7.55 after the company agreed to pay the federal government a $20 million fine for anti-money laundering lapses, according to Reuters.
The company will enter a deferred prosecution agreement with the Department of Justice. The Nevada Gaming Control Board is also a party to the deal. The casino didn’t properly police its sportsbook department and accepted wagers from illegal betting rings.
A spokeswoman for Caesars did not immediately respond to a request for comment, nor did spokesmen for the Justice Department and FinCEN. A spokesperson for the Nevada gambling regulator refused to comment on the matter.
Over the past few years, Caesars has repeatedly on the FinCEN’s radar, who’ve accused them of implementing weak anti-money laundering controls and failing to comply with US anti-money laundering law, the Bank Secrecy Act (BSA), that stems from an investigation that began back in 2013.
The payment is expected to be announced sometime this week and will bring a conclusion to the joint charges brought by both the U.S. Treasury Department and Justice Department, according to the St Louis.
Las Vegas Sands Corp. was, too, among the gambling operators that had to pay a certain amount of money in order to settle charges related to anti-money laundering lapses.
If banks were initially the main focus of anti-money laundering enforcement, US authorities have turned their attention to casino activities in the recent years. In June, the Tinian Dynasty Hotel & Casino, located on the Northern Mariana Islands, was fined the amount of $75 million.