Struggling casino operator Caesars Entertainment is close to a deal with federal authorities regarding the company’s anti-money laundering (AML) lapses.
In October 2013, Caesars announced it was under investigation over potential money laundering activities at its Caesars Palace property in Las Vegas. This February, Caesars announced it had gone outside the company to hire a new AML compliance watchdog to help keep Caesars on the straight and narrow.
On Wednesday, Reuters reported that the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) was close to slapping Caesars with a civil penalty. The specifics haven’t been revealed, but it appears that no Caesars exec will be getting the boot, despite a source calling the AML lapses “very serious.”. A parallel investigation by the US Department of Justice will reportedly not result in further sanctions on Caesars.
Details on what sparked the AML investigation have never been spelled out but Reuters’ sources said the feds were alerted by Caesars’ failure to properly police sportsbook activity and to prevent illegal betting rings from placing wagers.