Caesars Palace may face $20 million in federal fines

Caesars Entertainment Corp. (CZR) says its flagship Las Vegas Strip property faces paying between $12 million and $20 million worth of fines from the U.S. Treasury.

The casino giant said in a quarterly financial filing Monday that the possible fines stem from a federal investigation into Caesars' anti-money laundering policies and procedures.

Caesars says it was first made aware of investigations by the agency's Financial Crimes Enforcement Network and a grand jury in October 2013 and has cooperated fully since.

The casino company says its representatives met with government officials April 29 when settlements were discussed. Caesars says it's still considering the proposals and will meet with federal officials again next month.

The Bank Secrecy Act requires financial institutions including casinos to assist federal agencies in detecting and preventing money laundering.