news.cuna.org/articles/107470-inside-washington

Inside Washington

September 9, 2015

 WASHINGTON (9/9/15)--Desert Palace Inc., doing business as Caesars Palace, has agreed to pay $8 million in a civil money penalty for allegedly violating the Bank Secrecy Act (BSA), according to the Financial Crimes Enforcement Network (FinCEN). The settlement agreed that the casino would conduct periodic external audits and independent testing of its anti-money laundering (AML) compliance program. It also must report to FinCEN on required improvements, adopt a rigorous training program, and review for past suspicious transactions. The settlement stems from the casino’s private gaming salons, which allow its wealthiest clients to gamble anonymously. The salons allegedly failed to scrutinize the most lucrative and riskiest financial transactions for AML transactions. Since Caesars petitioned for bankruptcy in January, and the bankruptcy is pending, the bankruptcy court must approve the consent agreement, said FinCEN …