Crown Resorts is facing a fine that would break the global record for the largest gaming regulatory penalty of all time.

The Australian casino giant is facing an AU$450m (US$299m) settlement with the financial crimes watchdog Australian Transaction Reports and Analysis Centre (AUSTRAC). It relates to 546 anti-money laundering (AML) law violations at the company’s casinos in Perth and Melbourne.

did not implement proper AML systems despite receiving warnings

A two-day hearing is taking place this week at the Federal Court in Sydney regards to the violations. The court heard on Monday that the former leadership at the company did not implement proper AML systems despite receiving warnings from numerous organizations.

One of the most significant issues was the failure to vet wealthy gamblers before allowing them to play in private rooms. Judge Michael Lee noted that it is hard to determine the true extent of the AML violations due to the lack of proper monitoring and record-keeping. He will make a final ruling on the fine on Tuesday.

AUSTRAC and Crown have proposed an immediate payment of AU$125m (US$83m), followed by another AU$125m (US$83m) within a year, with the final AU$200m (US$133m) due in two years.