SkyCity Entertainment reserves $29M for pending AML/CFT fine
By 
Jeff Dale2023-08-14T18:36:00
Australian gaming company SkyCity Entertainment Group disclosed it reserved 45 million Australian dollars (U.S. $29 million) for a potential settlement resolving alleged violations of the country’s anti-money laundering and combating the financing of terrorism (AML/CFT) law.
SkyCity, which operates five casinos in Australia and New Zealand, said in a notice Monday the monetary provision was booked for potential civil penalties levied by Australia’s financial regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). The company acknowledged the penalty could be “significantly higher or lower than the provision” and said it was unsure of timing on a resolution.
In December, AUSTRAC announced its federal court proceeding against SkyCity Adelaide following an investigation into the casino commenced in June 2021.
Related articles
-
News BriefDOJ orders Wynn Las Vegas to forfeit $130M over BSA/AML violations
Wynn Las Vegas agreed to forfeit $130 million to settle a range of criminal allegations, including allegedly helping foreign customers hide money transfers and shielding patrons from Bank Secrecy Act and anti-money laundering rules, the Department of Justice said.
-
News BriefSkyCity Entertainment bracing for nearly $50M in AML penalties
Australian gaming company SkyCity Entertainment Group faces nearly $50 million in penalties for admitted breaches of anti-money laundering and countering financing of terrorism obligations in Australia and New Zealand.
-
ArticleRecent claims cast doubt on legitimacy of behavioral science
Assessing allegations of data manipulation in psychological studies involving a Harvard Business School professor, Paul Eccleson asks whether we can trust research on behavioral science.
More from Regulatory Enforcement
-
News BriefSEC reportedly investigating MassMutual’s accounting amid ongoing government shutdown
Even though the U.S. federal government is currently shut down, the U.S. Securities and Exchange Commission appears to still be at work. The financial regulator is reportedly investigating a major insurance and asset management company over its accounting practices.
-
News BriefAMLA: What difference will the agency make in the EU’s fight against moneylaundering?
Europe’s massive financial sector has become a magnet for illicit money flowing through its banks and markets. A new EU agency will be taking the problem head-on to fight against money laundering.
-
ArticleFormer startup CEO gets 7 years in prison for $175M fraud against JPMorgan Chase
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.