Wynn Las Vegas is facing a $5.5 million fine for alleged anti-money laundering (AML) failings following a settlement with the Nevada Gaming Control Board (NGCB).
The NGCB has entered into a proposed Stipulation for Settlement with Wynn LV regarding a Complaint for disciplinary action filed contemporaneously by the state gambling regulator yesterday.
The Complaint alleges unsuitable methods of operation arising from activities related to unregistered money transmitting businesses, facilitating international monetary transactions, allowing proxy betting and other prohibited monetary transactions that were contained in a non-prosecution agreement between the US Attorney’s Office for the Southern District of California and Wynn LV.
The Complaint details instances where former employees of Wynn LV allowed international customers to obtain and/or transfer money improperly for the purposes of wagering, and also allowed wagers to be placed for other customers at Wynn LV in violation of the company’s Anti-Money Laundering Compliance Program.
Upon resolution of the federal case, NGCB Enforcement Agents completed a separate regulatory investigation, and received full cooperation from Wynn LV throughout the investigation.
The Stipulation includes a fine of $5.5 million payable to Nevada’s General Fund, and dictates specific conditions be placed on the gaming license of Wynn LV.
The majority of conditions and remediations focus on enhancements to Wynn LV’s AML Program, as well as additional training and employee awareness of AML requirements.
The Nevada Gaming Commission (NGC) is scheduled to consider approval of the Stipulation at its monthly meeting on May 22 in Las Vegas.
At that time, counsel for Wynn LV and the Nevada Attorney General’s Office will explain the terms of the proposed Stipulation and request NGC approval of the negotiated settlement.
The enforcement actions against Wynn LV follows similar AML failings by Resorts World Las Vegas and MGM Resorts.
Shares in Wynn Resorts Ltd (NASDAQ:WYNN) closed marginally higher at $97.75 per share in New York Thursday.