An Adelaide casino will pay a watchdog’s costs of pursuing it over money laundering and counter-terrorism financing breaches. SkyCity Adelaide had already agreed to $67 million in penalties but will now also pay $3 million in costs. The Australian Transaction Reports and Analysis Centre had launched civil action against SkyCity Adelaide in December 2022.
alleged the casino breached money laundering and counter-terrorism financing laws. The regulator and the casino agreed in May to a $67 million penalty, given the casino’s co-operation and admission to the unlawful conduct between 2016 and 2022. The casino failed to meet its requirements and did not carry out appropriate ongoing customer analysis.
said SkyCity allowed high-risk customers to move millions of dollars through the casino, in ways that obscured the source of the funds. “SkyCity provided services through high-risk channels and to high-risk customers without appropriate risk-based controls,” the regulator said in a statement on Friday. SkyCity will now pay the regulator’s costs within 14 days.
’s evidence, saying the regulator should have been able to provide an estimate of the casino’s financial gain as a result of the unlawful conduct. “The regulator has not thought it appropriate to bring such evidence in the case, which would be necessary to reach a view in a relatively broad range, the financial benefit obtained by contravening conduct,” the judge said.
has secured against casinos, after Crown was ordered to pay a $450 million penalty over two years relating to its casinos in Melbourne and Perth. SkyCity announced to the share market on Friday morning that the proceedings had been resolved.
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Source: 7NewsSydney - 🏆 16. / 63 Read more »