Crown Resorts recently introduced new requirements for transfer funds owing to a compliance with regulatory policies. According to the new rules, money transferred only from personal bank accounts will be accepted.

An effort to improve compliance

Crown Resorts will face an urgent review of its casino license in Victoria. This is why the firm is working quickly to improve its compliance. The new compliance rules will be applicable to its properties in Perth and Melbourne. The new measure is designed to curb attempts of money laundering. Now, the casinos will accept money transfers only from the personal bank accounts of its members. Transfers made by business or trust accounts will not be accepted and returned to the users.

The new requirements were intimated to the users in a letter dated December 24. The operator will not release cash deposits made to its bank accounts to the clients. Patrons will have to use a receipt of deposit before the casino transfers funds to their private accounts.

What else changes?

Gamblers will be mandated to provide their Crown rewards number and name when sending funds to the casino. International transfers will also have to specify the details of the banks or other financial entities. Crown said that this step was necessary to meet compliance. Its letter stated,

“Any other description or narration on the transfer must either state that the purpose of the transfer is for gaming or gambling, or to repay a debt. Crown will not release any funds where it considers that the description or narration is misleading.”

The operator is under pressure to step up its game, as an urgent review from the Victoria state authorities is pending. The firm was found to be violating anti-money laundering (AML) controls at Crown Melbourne by the Independent Liquor and Gaming Authority (ILGA) in New South Wales. As a result of the breaches, the operator was forced to delay opening its new AU$2.2 billion property in Barangaroo near Sydney. The Victorian government fast-tracked its review after the shortcomings were revealed.