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Nevada regulators approve $7.88 million settlement with Caesars over AML failures
Summary
The Nevada Gaming Commission approved a stipulation resolving a five-count complaint against Caesars Entertainment stemming from long-running failures to substantiate a patron's source of funds. Caesars agreed to a $7,880,000 fine and a package of AML and KYC reforms, training and independent reviews.
The Nevada Gaming Commission on Nov. 20 approved a settlement with Caesars Entertainment that resolves a five‑count complaint alleging persistent failures to verify the source of funds of a high‑volume patron and to follow anti‑money‑laundering (AML) procedures.
Under the stipulation endorsed by the Gaming Control Board and the commission, Caesars agreed to pay a $7,880,000 civil fine and to adopt a series of compliance measures including an annual review of its AML program, enhanced in‑person AML/BSA training for designated staff, participation in FinCEN’s information‑sharing program, designation of a primary AML officer who must apply for licensing, and retention of an independent AML expert within two years to audit compliance.
Mike Soms, a deputy attorney general presenting the board’s…
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