Wynn Faces $5.5M Fine in AML Settlement

Wynn Resorts has agreed to pay a $5.5 million fine to settle allegations by the Nevada Gaming Control Board that it violated anti-money laundering laws through unregistered international money transmissions, proxy betting, and improper financial practices for international high-rollers. The settlement, still pending approval by the Nevada Gaming Commission, is connected to a broader federal investigation that resulted in Wynn's $130 million forfeiture last year under a non-prosecution agreement with U.S. authorities. Regulators found failures in Wynn's anti-money laundering compliance, including inadequate reporting and oversight of third-party transfers and 'flying money' schemes. Wynn has committed to enhancing its compliance program, increasing employee training, and boosting awareness of anti-money laundering requirements. This is the third recent major anti-money laundering fine for a Las Vegas casino operator, following penalties against MGM Resorts and Resorts World Las Vegas. Experts describe these as isolated incidents but stress the importance of ongoing vigilance and robust compliance in the gaming industry.