SkyCity Entertainment bracing for nearly $50M in AML penalties
By 
Kyle Brasseur2024-05-21T16:59:00
Australian gaming company SkyCity Entertainment Group faces nearly $50 million in penalties for admitted breaches of anti-money laundering and countering financing of terrorism (AML/CFT) obligations in Australia and New Zealand.
The fines are set to be handed down by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the New Zealand Department of Internal Affairs (DIA), pending court approval. In the AUSTRAC case, announced Friday, SkyCity Adelaide agreed to pay 67 million Australian dollars (U.S. $44.7 million), while the DIA on Tuesday announced a proposed 4.16 million New Zealand dollars (U.S. $2.5 million) penalty.
The totals surpass what SkyCity had said it reserved—about $29 million—back in August.
Related articles
-
News BriefEpoch Times CFO charged in $67M money laundering scheme
The chief financial officer of the Epoch Times was charged with laundering at least $67 million in illegally obtained funds to bolster the fortunes of the newspaper and himself.
-
News BriefSkyCity Entertainment reserves $29M for pending AML/CFT fine
Australian gaming company SkyCity Entertainment Group disclosed it reserved AUS$45 million (U.S. $29 million) for a potential settlement resolving alleged violations of the country’s anti-money laundering and combating the financing of terrorism law.
-
News BriefCrown Resorts agrees to pay $292M over AML/CFT violations
Crown Resorts agreed to pay 450 million Australian dollars (U.S. $292 million) and overhaul its anti-money laundering and combating the financing of terrorism compliance controls for repeatedly violating Australia’s AML/CFT law.
More from Regulatory Enforcement
-
ArticleFormer Credit Suisse compliance officer charged with money laundering
A compliance officer is facing charges for laundering $7 million in a complex legal case in Switzerland. Swiss prosecutors have charged Credit Suisse, and one of its former employees, with failing to maintain adequate controls.
-
News BriefCFPB humility pledge reshapes exam process, as agency faces uncertain future
The U.S. Consumer Financial Protection Bureau’s Supervision Division introduced a new “humility pledge” last month that examiners will read aloud at the start of each oversight engagement. It’s another shift in how the organization handles itself under the Trump administration.
-
ArticleSan Francisco firm pays $11.4M for alleged Russia-related sanctions violations
A San Francisco-based private equity firm has agreed to pay $11.4 million to settle allegations it violated U.S. sanctions rules by handling investments for a sanctioned Russian oligarch.