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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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News and analysis for the well-informed compliance or audit exec.
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2024-05-21T16:59:00Z By Kyle Brasseur
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.
2023-08-14T16:17:00Z By Paul Eccleson, for International Compliance Association
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.
2023-05-31T19:17:00Z By Adrianne Appel
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.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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