KUALA LUMPUR: Genting has agreed to pay the Nevada Gaming Commission a US$10.5 million (S$14 million) fine to resolve a complaint involving operations of Resorts World Las Vegas.
According to The Star, in a filing with Bursa Malaysia, Genting said its board and its unit, Resorts World Las Vegas LLC (RWLV LLC), signed a settlement agreement with the Nevada Gaming Control Board (NGCB) on March 20.
Under the settlement terms, RWLV LLC neither admitted nor denied the allegations in the complaint filed by the NGCB on Aug 15 last year but agreed to more scrutiny of its anti-money laundering (AML) programme and practices.
The company must also keep all employee training records related to the AML programme, including attendance records.
RWLV LLC will also submit an independent audit of its AML compliance to the NGCB two years after the settlement is approved, covering the previous two years.
The settlement still needs approval from the Nevada Gaming Commission, which will review it at its next monthly meeting next week, on March 27. /TISG
Read also: Genting Singapore share price drop to two-year low after weak Q3 results
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