The former top dog at Crown Perth Casino has been forced to swallow his pride at the Royal Inquiry, conceding his staff missed the mark on questionable digital transactions. They had the power to do significantly more to combat illicit financial activities, it’s that straightforward.
David Brown, who previously held the reins at Crown Perth, faced intense questioning at the Royal Inquiry hearing regarding his division’s (and his personal) responsibility in identifying and disclosing these dubious online dealings.
The glaring warning sign was a series of electronic funds transfers executed between 2013 and 2015 into Crown Perth’s Riverbank account. Even Brown acknowledged these transfers were “fishy,” to put it mildly.
These payments, originating primarily from international sources, were all cash inflows below $10,000 – conveniently falling short of the limit that would have mandated reporting to AUSTRAC (Australia’s financial regulator).
Adding insult to injury, these deposits were distributed across various bank locations before arriving in Crown Perth’s Riverbank account. This strategy, referred to as “layering,” is a telltale indicator of money laundering.
ANZ caught wind of the situation and closed the casino’s Riverbank account in 2014 due to these questionable operations. However, instead of rectifying their behavior, Crown simply proceeded to establish a new account with Commonwealth Bank, enabling this shady enterprise to persist.
The Royal Inquiry is far from over. They intend to summon additional high-ranking officials to provide evidence, including former chief legal counsel Joshua Preston, head of security and investigations at Crown Perth Derek Burling, and Sonia Bauer, who oversaw responsible gambling for the entire Crown Resorts organization. It appears they are prepared to expose all of Crown’s skeletons.
Following the conclusion of the proceedings, a fortnight-long suspension of the inquiry is anticipated.
This entire situation with Crown Perth, initiated in May, mirrors a comparable probe in New South Wales. The latter caused significant upheaval, culminating in the revocation of Crown Sydney’s gaming permit.
Apparently, the prior investigation uncovered unsavory information regarding James Packer’s enterprise. Allegations include ties to criminal syndicates and dubious financial manipulation operations.