The Nevada Gaming Commission has approved a $1.5 million fine assessed against Caesars Entertainment because of deficiencies in its handling of the blizzard of paperwork required by federal Bank Secrecy Act requirements.
Las Vegas gaming attorney Mark Clayton, a former Board member, represented Caesars and said the company has taken “extensive efforts” to improve its response to anti-money laundering compliance requirements.
The complaint alleged Caesars Palace maintained deficient internal controls inside the resort’s private gaming salons and did not file suspicious transaction activity reports that usually involved Asian customers.
Control Board Chairman A.G. Burnett pointed out that there were no instances of actual money laundering activity, the big failing being a failure Caesars to have the required paperwork that satisfies federal efforts to know the source of a gambler’s money.
Phil Hevener has been writing about the Nevada gaming business for more than 30 years. Email: [email protected].