Las Vegas Sands Corp. is paying up for its suspicious activity.
Yesterday, the U.S. Attorney’s office in Los Angeles announced that the Sands reached an agreement with federal prosecutors to resolve a money-laundering investigation dating back to 2011.
Between 2006 and 2007, the Sands received $45 million in wire transfers and $13 million in cashier’s checks that prosecutors say the company should’ve identified as suspicious and reported to the government, according to The Wall Street Journal. The transfers came from the casino’s largest all-cash gambler, a Chinese man who was later accused of drug trafficking.
Under the agreement, the Sands will avoid criminal prosecution but will pay the government $47 million, the amount the casino giant gained from the criminal high roller. The company also will conduct two years of reviews of its anti-money-laundering policies and accept the Department of Justice’s claim that it failed to report a customer’s suspicious financial activity.
For more casino-related news from InsideCounsel, read: