Investigation into Australia’s Crown Resorts deepens

Australia’s financial crimes watchdog has widened its investigation into Crown Resorts.

The watchdog uncovered potential breaches of anti-money laundering laws at Crown’s Perth casino.

Crown Resorts’ also admitted on Monday that it broke Victorian law for five years at its flagship Melbourne casino and confirmed the financial crimes watchdog has launched a second probe into money laundering at its Burswood casino following revelations at the West Australian royal commission.

An October probe triggered an 8 percent crash in Crown’s share price, wiping $500 million from the company’s value.

Crowns Resorts says it’s “continuing investigations into these matters, including whether it may have breached other laws”.

Rival casino operators The Star and SkyCity also told the market the watchdog AUSTRAC had launched an investigation into financial crimes at their casinos for possible breaches of anti-money laundering and counter-terrorism financing laws.

Australian Watchdogs Step Up Investigations

Meanwhile, SkyCity Adelaide is also being investigated for potential breaches.

And one of Australia’s big four banks, NAB has also been referred to AUS-TRAC for “potential serious and ongoing non-compliance” with anti-money laundering laws.