Wynn Las Vegas fined $5.5M for AML violations

Anti-money laundering (AML) violations have emerged as a significant concern on the Las Vegas Strip, with Wynn Las Vegas becoming the third prominent casino in 2023 to incur substantial penalties of this nature.

On Thursday, Wynn Las Vegas, in collaboration with the Nevada Gaming Control Board (NGCB), announced a $5.5 million settlement pertaining to AML violations related to unlicensed money transfers. This settlement arises from a six-count complaint filed by the NGCB, following a federal non-prosecution agreement reached last September. Under this agreement, Wynn Las Vegas forfeited over $130 million—reported to be the largest forfeiture ever by a casino in connection with admissions of criminal conduct, as stated by the U.S. Attorney’s Office for the Southern District of California.

Earlier in 2023, significant fines were levied on other major casinos, including Resorts World Las Vegas, which faced a $10.5 million penalty in March for AML non-compliance linked to illegal bookmakers. In April, MGM Resorts was fined $8.5 million for similar infractions, with many involving the same individuals. While Wynn’s penalty is distinct from these cases, it highlights the escalating compliance challenges that casinos on the Strip are encountering.

The Nevada Gaming Commission is set to deliver its final ruling on the Wynn case during its upcoming meeting on May 22, having previously approved similar fines without additional stipulations.

Statement from Wynn Resorts:

Wynn Resorts expressed satisfaction in having resolved this matter with the Nevada Gaming Control Board. The company reaffirmed its commitment to upholding the highest standards of integrity and compliance with all applicable laws and regulations governing the gambling sector.

Wynn acknowledged that the wrongful actions, which led to the settlement and were in violation of its internal compliance policies, were executed by several individuals who have since been distanced from the organization. The casino takes full responsibility for these actions and is pleased to consider this matter resolved.

This growing trend of AML enforcement on the Las Vegas Strip underscores the importance of robust compliance frameworks within the gambling industry. As regulators tighten scrutiny, casinos must prioritize effective compliance strategies to mitigate risk and protect their reputations. Establishing a culture of transparency and diligence will not only enhance operational integrity but also ensure sustained success in an increasingly competitive market.