Las Vegas Sands fined $2 million over AML charges

Wednesday 11th of May 2016

Las Vegas Sands Corp. has agreed to pay a $2 million fine to settle allegations involving accounting violations in China and AML failures in Las Vegas, local media reports.

The fine was announced by the Nevada Gaming Control Board on Wednesday.

According to the regulator, Sands did not admit or deny any of the allegations in the complaint. A sands spokesman said the company “cooperated fully” with the gaming board and “looks forward to a resolution of this matter.”

The settlement was related to charges that Sands did not document millions of dollars it paid to an overseas consultant in China, however the operator was not accused of bribery.

Sands had “inaccurate books and records” and “frequently lacked supporting documentation or proper approvals” for more than $62 million it paid to a consultant in Asia, said the agency.

The other charge concerned suspicious activity from a high roller, Zhenli Ye Gon at the company’s Venetian resort in Las Vegas, which was not reported to authorities. The gambler was reportedly linked to drug trafficking.

The state settlement awaits approval from the Nevada Gaming Commission, which is expected to consider the matter next week.

Bricks & Mortar SEC Settlement Anti-money laundering. fine