AUSTRAC and Crown agree to $450m penalty

Crown Melbourne, Crown Perth and AUSTRAC have filed joint submissions with the Federal Court of Australia proposing a $450m penalty over Crown’s breaches.

The breaches were of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. A court hearing has been set for July 10-11, at which Justice Lee will consider the parties’ proposed settlement.

While AUSTRAC and Crown agree that a $450m penalty is appropriate in all the circumstances, it is a matter for the court to determine the appropriate penalty.