Wynn Las Vegas forfeits $130m for unlicensed money transfers
This settlement would be the largest forfeiture by a casino for criminal wrongdoing.
Wynn Las Vegas, a subsidiary of Wynn Resorts, has agreed to forfeit over $130m to settle criminal allegations involving unlicensed money transfers for the casino’s financial benefit.
The US Attorney’s Office revealed that Wynn Las Vegas used unregistered money transmitters to help foreign gamblers move funds into the casino, bypassing US financial regulations.
These illegal transactions involved transferring money through third-party agents in Latin America and elsewhere, with funds eventually deposited into Wynn’s bank accounts. The casino credited these funds to the gamblers’ accounts, allowing them to gamble while evading laws.
In one example, independent agent Juan Carlos Palermo conducted over 200 illegal transfers totaling $17.7m for more than 50 foreign patrons. Wynn Las Vegas also allowed schemes like “Human Head” gambling, where one person gambles on behalf of another to avoid legal scrutiny.
Additionally, Wynn facilitated a method known as “Flying Money,” allowing patrons to access funds through unlicensed money transmitters and avoid US regulations. Despite suspicious activity, the casino failed to report these transactions.
Federal authorities, including Homeland Security Investigations (HSI) and the IRS, collaborated on the investigation. They emphasised the importance of financial oversight to prevent money laundering and protect the integrity of the US financial system. Fifteen others involved in the case have also admitted to money laundering and related crimes, resulting in penalties of over $7.5m.
Wynn Las Vegas avoided criminal prosecution through a Non-Prosecution Agreement, admitting its involvement and agreeing to the forfeiture.
Earlier in August, Macau introduced a new law criminalising illegal money exchange in its casinos. Only its ‘Big 6’ concessionaires were allowed to legally provide money exchange services in their own casinos.
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