Shares of Crown Resorts decline as a result of a money laundering probe

Shares of Crown Resorts have dropped by more than 9 percent despite the fact that the firm is presently the subject of an investigation into alleged violations of anti-money laundering and counter-terrorism funding legislation. If Crown is found guilty, the company may be fined millions of dollars and face threats to its gaming licenses. Crown has casinos in both Perth and Melbourne.

In addition, the firm is in the process of constructing a property in Sydney, which it hopes to open in December despite being confronted with a number of legal challenges.

In addition to the investigation into money laundering, Crown is now being investigated for its treatment of high-stakes players at its casino in Melbourne.

The former chief executive of Crown Melbourne, James Packer, is one among the individuals who have previously provided testimony about the claims that the company has commercial ties to operators in Asia suspected of having links to organized crime.

Now in the most recent turn of events, Crown has disclosed that it has been approached by the financial crime authority for the country.

The corporation issued a statement in which it claimed that the Australian Transaction Reports and Analysis Centre (Austrac) had expressed concerns over suspected security breaches in a variety of sectors.

Crown stated that the possibility for non-compliance includes issues around continuous customer due diligence, as well as the adoption, maintenance, and compliance with an anti-money laundering and counter-terrorism financing program.

The investigation, which is the outcome of a compliance assessment that started in September of the previous year, has been verified by Austrac as being in the process of being carried out.

Following the publication of the news, the price of a share of Crown fell by more than 9%, reaching $8.14.