A scheme that Crown Melbourne, a casino and resort located on the south bank of the Yarra River, implemented that enabled the illegitimate transfer of funds from China resulted in the company being fined $80 million.

Apparently, Crown devised a method to circumvent Chinese currency restrictions and enable the illegal transfer of funds, according to an investigation conducted by Victoria's Gambling and Casino Control Commission (VGCCC).

The Royal Commission found that between 2012 and 2016, Crown Melbourne permitted international patrons to use Chinese-based bank cards to gamble at the casino.

Local laws during this time period prohibited Chinese nationals from transferring more than US$50,000 per year to another jurisdiction.

The VGCCC said that Crown knew what it was doing could be illegal but did it anyway. Credit: ABC News/Daniel Fermer.​

The regulator says that Crown came up with a plan to send the person a room charge bill that said the hotel had provided services to the person when it hadn't.

The customer would then pay the bill with their China Union Pay card and receive a voucher confirming the receipt of funds. The individual, accompanied by a Crown VIP host, then exchanged the voucher for cash or chips at the cage.

Because of this illegal conduct, Crown was able to gain access to nearly $164 million, which resulted in an estimated revenue of more than $32 million for the company.

This is the first time the VGCCC has used its new, stronger enforcement powers. The Casino Control Act has been changed so that the maximum fine is now $100 million, up from $1 million before the changes.

VGCCC Chairperson Fran Thorn stated that, while Crown deserved some credit for its cooperative approach to the disciplinary proceedings, the record $80 million fine announced on Monday was appropriate and necessary given the gravity of Crown's illegal behaviour.

"Crown's CUP process was a clandestine, deliberate process, which not only breached the Casino Control Act but was also devised to assist patrons to breach China's foreign currency exchange restrictions," said Ms Thorn.

"Crown was aware of the risk that the CUP process could be illegal but decided to run that risk," she continued.

"In doing so, it showed no regard for upholding its regulatory obligations. Indeed, it went to some lengths to hide what it was doing."

Crown Melbourne issued a statement in which it admitted responsibility for "historic failings" and pledged to undertake comprehensive reform while also pledging to work cooperatively with the VGCC on other matters.

The statement read: "Upon becoming aware of this historical conduct, Crown's board immediately commissioned an independent investigation and shared the findings with the Victorian royal commission, the Victorian Commission for Gambling and Liquor Regulation (the predecessor to the VGCCC) and other regulators."

"Crown's board and senior management are committed to the delivery of a comprehensive reform and remediation program to ensure Crown delivers a safe and responsible gaming environment and continues to cooperate with the VGCCC on all matters arising from the Victorian Royal Commission Report."

 

[NazonEjil]

That's a massive fine for Crown Casino over the transfer of the illegal fund. It will be a lifelong lesson for them.

 

[adsimbaring1981]

The recent revelation about Crown Melbourne's involvement in an $80 million illegal fund transfer scheme is quite astonishing. It's concerning how the casino found ways to evade regulations and facilitate such transfers. The imposed fine reflects the seriousness of the matter and the need for accountability.

 

[kunsbettaibay1980]

The recent revelation about Crown Melbourne's involvement in an $80 million illegal fund transfer scheme is quite astonishing. It's concerning how the casino found ways to evade regulations and facilitate such transfers. The imposed fine reflects the seriousness of the matter and the need for accountability.

Switching gears to a different topic, if you have an interest in exploring notable moments, you might want to delve into this page. Just as investigations reveal hidden truths, cricket history is filled with remarkable moments that have shaped the game.

 

[ArlyBV]

This sounds absolutely terrible, and such actions must be condemned. It is important to remember that gambling should be a fun and entertaining activity, and not something that is used to facilitate illegal activities.
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I urge everyone to be careful when choosing where to gamble, and to avoid any casinos that have been involved in illegal activities.

 

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