Today it was revealed that Sparks Nugget Inc. has been fined $1 million by the Financial Crimes Enforcement Network pertaining to their former ownership of the Sparks Nugget Casino for what is being called "egregiously and willfully" allowing money laundering at the casino.
The fine comes after an investigation that found the former owners of the casino allowed money laundering as they did not keep records, did not have a plan to combat money laundering, and did not report suspicious activity to law enforcement. The Bank Secrecy Act requires casinos, banks, and other institutions to report suspicious activity. The lack of money laundering controls was discovered after court documents were filed related to an ownership dispute from 2013.
The casino's previous owners, the Ascuga family, issued a statement on the ruling, noting: "As members of the Northern Nevada business community for over 60 years, we have always strived to operate with integrity and decency. That being said, we understand the seriousness of the FinCEN assessment and are satisfied that this matter has been resolved."
Regulators in the United States have taken money-laundering infractions very seriously, with Las Vegas Sands settling a money laundering case with the Department of Justice for a hefty $47 million fine for its Las Vegas casino.