Wynn Resorts (NASDAQ:WYNN) has agreed to forfeit $130.1M to avoid criminal allegations filed by the U.S. Justice Department that the casino operator helped foreign patrons evade U.S. bank secrecy laws.
In reaching the non-prosecution agreement with the U.S. Attorney’s Office for the Southern District of California and the DoJ on Friday, Wynn Las Vegas admitted it used illegal money-transmitting businesses to evade the U.S. financial system.
“Casinos, like all businesses, will be held to account when they allow customers to evade U.S. laws for the sake of profit,” said Tara McGrath, the U.S. Attorney for the Southern District of California.
“Federal oversight seeks to prevent illegal funds from tainting legitimate businesses, ensuring that casinos offer a clean, thriving, and safe entertainment option,” she added.
The company said the payment will come from the funds involved in the transactions, and it will continue to add certain improvements to its compliance system as part of the settlement.