The SkyCity Adelaide casino operator has set aside a modest A$45 million (US$29.20 million) to cover a possible civil penalty arising from a case in Federal Court alleging systemic non-compliance with Australian Anti-Money Laundering (AML) and Counter-Terrorism. Funding Laws (CTF).
The amount that New Zealand-based SkyCity Entertainment Group announced Monday is set aside is 10 times less than the 450 million Australian dollars ($292 million) that the Federal Court ordered Crown Melbourne and Crown Perth to pay for failures along the same AML and CTF lines as possible.
The Australian Transaction Reporting and Analysis Center (AUSTRAC) initiated a legal action against SkyCity Adelaide in December. While the court case is still in its infancy and the potential penalty is unknown, AUSTRAC’s main allegation is that criminal elements laundered nearly A$4 billion ($2.6 billion) through casino Adelaide over a six-year period, which includes $85 million. AUS ($55.1 million), allegedly by a client of a family of convicted heroin dealers.
According to the Australian Broadcasting Corporation, SkyCity The $45 million position will not affect the “earnings normalization” for fiscal year 2023. Kiwi also announced Monday that its operating license has been “weakened” by A$45.6 million ($29.61 million).
the ABC It stated that SkyCity is cooperating with AUSTRAC and working to strengthen its anti-money laundering control frameworks.
