Casino Giant Fined Millions for Anti-Money Laundering Failures

AML/CTF regulations pertaining to money laundering and counter-terrorism financing have been violated by SkyCity Adelaide, a casino operator. As a result, SkyCity Adelaide faces fines of up to AU$67 million ($44.5 million).

Due to flaws in SkyCity’s AML/CTF procedures, the Australian Transaction Reports and Analysis Centre (AUSTRAC) brought legal action against the company in 2022.

Along with other regulatory regulations, the casino disregarded the need for due diligence in high-risk transactions.

The penalty was agreed upon by AUSTRAC and SkyCity in a joint plea to the Federal Court; the hearing on June 7 will make the public aware of this.

The CEO of AUSTRAC, Brendan Thomas, voiced concern that abnormal activity had gone unnoticed for a long time due to SkyCity’s vulnerability.

He emphasized that acknowledging this instance and addressing AML/CTF compliance should be the collective goal of the gaming industry.

Executive Chairman Julian Cook of SkyCity issued an apology for the company’s noncompliance with legal requirements.

Through program updates, governance modifications, and an external audit, the company pledged to enhance its AML/CTF procedures.

Before this, SkyCity appointed a new CEO and increased its AML/CTF resources.

Cook agrees that more work is necessary to attain complete compliance, even if Australia and New Zealand are making efforts.

See Related Articles: New Zealand to initiate civil penalty proceedings against SkyCity Entertainment Group

Original Story by: Asian Gaming Brief