Crown Resorts has confirmed it will pay A$450 million ($300 million) in civil penalties initially agreed with AUSTRAC after obtaining federal court approval.

The case against the casino was closed after months of continued fines and punitive action against Crown, who was convicted of several serious regulatory failures, including funding for terrorism and laundering money.

Ciaran Carruthers, current CEO of Crown Resorts, commented on the federal court’s decision to approve the amount. “Under new ownership and leadership, we have introduced sweeping reforms as part of our future crown transition program and invested tens of millions of dollars to strengthen financial crime compliance and include global best practices for the gaming sector.

“There’s no place for money laundering or terrorist financing in Crown or our community.” The Crown’s regulatory issues may end, but Carradus still has a lot to do as he has to pay back significant amounts to his employees after admitting ‘record keeping issues’ in the last 15 weeks alone

In this case, the Crown found errors in the payroll review and then reported themselves to the Ombudsman to quickly apologise for the errors and pay for those affected by the problem. It was also fined AU$30 million for unreported bank checks, totaling more than AU$1.5 billion.

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