Sydney – Financial Treason & Crime

ishwarkimmins, 07 June 2021

The National Australia Bank is being investigated by national financial crime regulators for breaking money laundering laws as part of a broader crackdown on organized crime.

Australia’s third-largest market capitalization company said Monday that Australia has begun a formal investigation into its compliance with anti-money laundering and anti-terrorism laws. The casino groups Crown Resorts, Star Entertainment Group and Sky City Entertainment Group are also under investigation, he said. The investigation is part of an extensive campaign by authorities aimed at organized crime revenue, focusing on financial institutions, casinos and crypto exchanges. Continue reading “Article: Australia’s NAB faces money laundering probe”

06/06/202106/08/2021

Article: Australia’s NAB reveals anti-money laundering probe, shares fall

Article - Media

Australia’s NAB reveals anti-money laundering probe, shares fall

Paulina Duran, 06 June 2021

SYDNEY (Reuters) – National Australia Bank said on Monday it is under investigation for suspected serious and ongoing breaches of anti-money laundering and counter-terrorism laws, sparking concerns about potential fines and higher compliance costs.

The financial crime regulator said there were “areas of serious concern” that required further investigation, but it was not considering a civil penalty order at this stage.

Shares in Australia’s third-largest lender fell 2.6% in morning trading while the wider market was little changed.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) said the problems at NAB involved “potential serious and ongoing non-compliance” with customer identification procedures, customer due diligence and other compliance requirements.

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05/26/2021

Article: Crown still exposed to money laundering

Article - Media, Publications

Crown still exposed to money laundering

Gus McCubbing, 26 May 2021

Crown faced pushback after cutting by half the length of a historical review into the presence of money laundering in its bank accounts, a royal commission has heard.

Provisional results from the review show indications of money laundering as recently as February, an inquiry into whether Crown remains suitable to keep its licence for its Melbourne operations was told on Wednesday. Continue reading “Article: Crown still exposed to money laundering”

05/25/2021

Article: Crown spiked review of new money laundering rules

Article - Media, Publications

Crown spiked review of new money laundering rules

Patrick Hatch, 25 May 2021

Crown Resorts stopped an independent review of new anti-money laundering controls early this year after preliminary findings suggested it was not complying with measures to prevent criminal infiltration of its bank accounts.

Neil Jeans, principal at the anti-money laundering consultancy Initialism, told Victoria’s royal commission into Crown on Tuesday that Crown commissioned him in early 2021 to review its recent ban on cash deposits and third-party transfers to its patron bank accounts. Continue reading “Article: Crown spiked review of new money laundering rules”

05/19/202105/20/2021

Article: Fitch Maintains Rating Watch Negative on Australia’s Crown Resorts

Article - Media, Publications

Fitch Maintains Rating Watch Negative on Australia’s Crown Resorts

Fitch Ratings, 19 May 2021

Fitch Ratings has maintained the Rating Watch Negative (RWN) on Australian gaming operator Crown Resorts Limited’s ‘BBB’ Long-Term Issuer Default Rating and senior unsecured rating.

Fitch placed Crown’s ratings on RWN in November 2020 to reflect an increased risk of severe regulatory action, which could have a significant impact on the company’s business or financial profile, following a delay in the approval to open its Sydney casino. These risks were highlighted when Crown was deemed unsuitable to hold a gaming licence in New South Wales (NSW) in February 2021, followed by the commencement of royal commissions in Victoria and Western Australia (WA) into Crown’s activities.

Crown is working with NSW’s Independent Liquor & Gaming Authority (ILGA) on its remediation, but the final impact of the regulatory action remains unclear.

The regulator said in mid-May 2021 that it has reached an agreement with the company on several matters relating to the Sydney casino and is appointing an independent monitor to review Crown’s structural changes to allow it to make a final decision on suitability. Fitch will resolve the RWN once the outcomes of the regulatory actions are known and we have assessed the impact on Crown’s operations and financial profile.

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05/17/2021

Article: Crown ‘lied’ in Victoria, evidence of money laundering in Perth

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Crown ‘lied’ in Victoria, evidence of money laundering in Perth

Elouise Fowler and Brad Thompson, 17 May 2021

Crown Resorts management “lied” and used delay tactics to stymie an investigation into the 2016 arrests of 19 China-based staff, the Victorian gambling regulator told the Crown Resorts royal commission on Monday.

Timothy Bryant, an investigator at the gambling watchdog, told the Victorian inquiry that Crown’s stonewalling meant it took longer to uncover the truth about the gambling giant’s failure to protect its staff, 16 of whom were jailed for illegally promoting gambling in China.

“I certainly consider that they [Crown], at times, they lied to me at interviews about what they were aware of and what they weren’t aware of,” Mr Bryant revealed to the inquiry, which is examining Crown’s suitability to hold its Melbourne casino licence. Continue reading “Article: Crown ‘lied’ in Victoria, evidence of money laundering in Perth”

05/05/2021

Article: Westpac Probed by Regulator on Insider Trading Allegations

Article - Media, Publications

Westpac Probed by Regulator on Insider Trading Allegations

Nabila Ahmed, 05 May 2021

Australia’s securities regulator is probing Westpac Banking Corp. on allegations of insider trading, just months after the country’s second-biggest lender paid a record fine to settle breaches of anti-money laundering laws.

The allegations relate to Westpac’s role in executing a A$12 billion ($9.3 billion) interest-rate swap transaction with a consortium of AustralianSuper Pty Ltd. and a group of IFM entities in October 2016, according to a statement on Wednesday from the Australian Securities & Investments Commission. Continue reading “Article: Westpac Probed by Regulator on Insider Trading Allegations”

03/24/2021

Article: Commission will probe money laundering

Article - Media, Publications

Commission will probe money laundering

Elouise Fowler, 24 March 2021

The Crown Resorts royal commission in Victoria will probe deeper into whether money laundering is still happening at Crown’s flagship casino at Southbank in Melbourne, says the inquiry head, former Federal Court judge Ray Finkelstein, QC.

Commissioner Finkelstein said he was concerned the gambling giant had not faced up to its role in facilitating the criminal activity through its gaming rooms, as revealed in a scathing NSW inquiry that found the $8 billion company unfit to hold a licence at its new $2.2 billion casino in Sydney.

In his opening remarks on the first day of public hearings, Mr Finkelstein said he wrote to the gambling giant to gauge its “attitude” and to ask whether Crown accepted the findings from the NSW probe. Continue reading “Article: Commission will probe money laundering”

03/22/202103/22/2021

Article: Blackstone rolls the dice with $6.2 billion move on Australia’s Crown Resorts

Article - Media, Publications

Blackstone rolls the dice with $6.2 billion move on Australia’s Crown Resorts

Byron Kaye, Rashmi Ashok, 22 March 2021

Crown shares leapt more than 20% after it disclosed the informal offer on Monday, passing Blackstone’s indicative price of A$11.85 as investors wagered a bigger payment could be in the offing from the world’s No. 1 private equity firm or another suitor.

“It’s nice to get a bid, and now it’s about price discovery,” said John Ayoub, a portfolio manager at Wilson Asset Management, which has Crown shares.

“These stocks are trading at trough earnings and I wouldn’t be surprised to see further activity in the sector.” Continue reading “Article: Blackstone rolls the dice with $6.2 billion move on Australia’s Crown Resorts”