The Financial Intelligence Unit of Australia (AUSTRAC) and the entertainment conglomerate, SkyCity, have come to an agreement. SkyCity will pay a substantial penalty of $67 million in Australian currency. This follows allegations that they failed to comply with Australia’s anti-money laundering and terrorism financing regulations dating back to 2006.
A magistrate will deliver a final ruling on June 7th, but this is not SkyCity’s first encounter with legal issues. Their casino permit has been briefly revoked, and they have experienced several high-level departures, including their Chief Executive Officer and Australian Chief Operating Officer. It appears they are struggling to maintain a clean record.
AUSTRAC has also been actively investigating other entities, such as bet365, for comparable violations of the same legislation.
A recent piece covering AUSTRAC’s sanction against Crown Resorts cited AUSTRAC Chief Executive Brendan Thomas stating, “AUSTRAC pursued this course of action due to Crown’s operations suggesting that over an extended period, there were widespread deficiencies in their strategy for handling and minimizing risks associated with money laundering and the financing of terrorism.”
This is not a solitary occurrence. The Australian gaming sector has encountered a surge of examination, with numerous firms facing accusations of wrongdoing and inadequate anti-money laundering protocols. As an illustration, in April, BlueBet received a $50,000 penalty for inappropriate promotional tactics. Concurrently, Star Entertainment Group is contending with even graver claims of misconduct, resulting in the latest departures of several high-ranking leaders, including Chief Executive Matt Bekier and Chairman John ONeill.
