• US stock market daily report (September 08, 2015, Tuesday)

    According to a settlement with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), Caesars Entertainment Corporation (CZR - Nasdaq) agreed to pay an $8 million civil penalty for having “severely deficient” anti-money-laundering controls in its Caesars Palace casino VIP rooms, which mainly cater to Chinese high-rollers.

    In a written statement from the U.S. government Tuesday, Caesars admitted to federal authorities that it had openly allowed wealthy patrons to gamble anonymously within private rooms in its flagship casino in Las Vegas.

    FinCEN said in a settlement document, “Caesars allowed a blind spot to exist in its compliance program, private gaming salons, enabling some of the most lucrative, and riskiest, financial transactions to avoid the scrutiny of Caesars’ compliance program.”

    Proper monitoring of transactions were not sufficiently adhered to by Caesars at international marketing offices that recruited players including, in Hong Kong.

    In January, the largest unit of Caesars filed for bankruptcy leaving the settlement to be approved by bankruptcy court.

    Caesars anti-money-laundering operations are under investigation by the Internal Revenue Service (IRS) stemming from a 2012 review that showed the casino giant failed to file more than 100 reports on a variety of irregular activities. According to the federal investigation, one instance raised flags by the IRS when a foreign customer’s $50,000 cash deposit in Caesars’ Hong Kong bank account was not flagged as suspicious, as is required by U.S. law.

    Contributed by Millennium Traders
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