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Crown Resorts introduces new transfer fund requirements

Crown Resorts is desperately trying to improve its regulatory compliance before the state government urgently revises the Victoria's casino license. The casino operator has announced new requirements for transferring money to its properties in Melbourne and Perth.

Money transfers from personal bank accounts only

In line with the new measure to limit all anti-money laundering attempts, Crown Casinos will only accept money transferred from members' personal bank accounts. Transfers initiated from a trust or business account will not be accepted and will be refunded.

In line with the new requirements sent in a letter to its members on December 24th, cash deposits made to the casino operator's bank accounts will not be made available to customers. Instead, Crown Resorts will require customers to provide a deposit receipt before the funds are deposited into their private accounts.

From now on, players will have to enter their full name and Crown Prize number when sending funds to the casino, and international transfers will also need to identify the bank or other financial entity involved, Crown told its members, saying the changes were necessary. to comply with legal obligations.

'Any other description or description of the transfer must either indicate that the purpose of the transfer is to gamble or gamble or to pay off the debt. Crown will not issue any funds if it deems the description or narrative to be misleading. "

Crown Resorts List

New measures were introduced after an investigation in New South Wales (NSW) conducted by Independent Liquor and Gaming Authority (ILGA) which revealed material breaches of control anti-money laundering (AML) in Crown Melbourne, as a result of which the regulator ordered the operator to delay the casino opening at its casino facility in Barangaroo near Sydney by worth $ 2.2 billion Australian.

Lots of shortcomings

Over 60 days of public hearings as part of the NSW investigation revealed a myriad of Crown Resorts shortcomings in procedures and controls, including two bank accounts at ANZ and Commonwealth banks that had been shut down by banks on suspicions of money laundering of hundreds of thousands of dollars.

In addition to bank accounts, Crown has dealt with trash operators linked to Chinese organized crime and was deleteriously influenced by its main shareholder James Packer. At the end of the investigation, Korona admitted that its activities could be used for money laundering and undertook to introduce changes.

Crown Sydney opened its non-gaming sections on Monday as required by the ILGA to submit a full investigation report. February 1before considering whether to allow Crown to retain its casino license or not.

The results of the investigation forced the Victorian government to speed up another major review of Crown Resorts' licensing in Melbourne by two years. Additionally 7 th opinion that was not expected before 2023 by Victorian Commission on Gambling and Alcohol Regulation (VCGLR) In order to determine the suitability of the crown to hold a casino license the state is now awaiting a visit by gaming Minister Melissa Horne a dedicated commissioner to lead it.

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