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SkyCity Settles Anti-Money Laundering Charges with A$67 Million Fine

June 11, 2024 Australia Casino & HotelCrime & Legal

The Australian Transaction Reports and Analysis Centre (AUSTRAC) and SkyCity Entertainment Group have reached an agreement to resolve civil penalty proceedings, which was authorized by the Federal Court.

After years of violations of anti-money laundering and counter-terrorism funding laws, SkyCity Adelaide, the operator of the Adelaide casino, reached an agreement that was concluded on June 7th, 2024, requiring the company to pay a penalty of A$67 million ($44.6 million).

With a claim of serious noncompliance by SkyCity Adelaide, AUSTRAC started the process in December 2022. In anticipation of a potential punishment, the casino operator has increased its reserve to cover the entire sum.

Original Story by: Asian Gaming Brief

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