Summary:
SkyCity Entertainment, which operates a casino in New Zealand, is facing civil legal action over alleged anti-money-laundering violations. The Australian Transaction Reports and Analysis Centre (AUSTRAC) brought civil proceedings against the company in the Federal Court of Australia. SkyCity places the most importance on compliance with its regulatory obligations.
SkyCity Entertainment, which operates a casino in New Zealand, is facing civil legal action over alleged anti-money-laundering violations.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) brought civil proceedings against the company in the Federal Court of Australia.
The investigation was initiated in June of 2021. The casino’s compliance with the Australian Anti-Money Laundering and Counter-Terrorism Financing Act was the focus of the investigation into the company’s business activities.
SkyCity had found systemic failures in its approach toAML/CTF obligations, according to a statement by the deputy CEO of AUSTRAC.
A range of circumstances where SkyCity failed to carry out appropriate ongoing customer due diligence were identified. SkyCity was at risk of criminal exploitation because it failed to develop and maintain a compliant AML/CTF program. The requirement for regulated entities to have appropriate anti-money Laundering controls and systems in place is not optional and should be taken seriously by all businesses that are regulated by AUSTRAC.
According to the findings, the following violations took place.
SkyCity stated in its own statement that it would give careful consideration to the civil proceedings and allegations before responding.