SkyCity Adelaide agrees to A$67M settlement with AUSTRAC

SkyCity Adelaide agrees to A$67M settlement with AUSTRAC

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SkyCity Adelaide agrees to A$67M settlement with AUSTRAC

SkyCity Adelaide and the Australian Transaction Reports and Analysis Centre (AUSTRAC) have reached an agreement to settle civil penalty proceedings started in response to the casino’s failures in anti-money laundering and counter-terrorism funding activities. 

SkyCity and AUSTRAC recommended a A$67 million penalty as part of the settlement last week. This plan, along with a “Statement of Agreed Facts and Admissions” and joint submissions, has now been filed with the Federal Court for approval.

SkyCity’s executive chair, Julian Cook, made it clear in his remarks concerning the deal that reaching an agreement with AUSTRAC is a significant step towards finishing up the legal matters. It has to be noted that the deal was never reviewed or approved by the Federal Court. 

While stressing the importance of the casino in preventing money laundering and terrorism financing, Cook confessed that SkyCity had fallen short of expectations despite taking these duties seriously.

He said he was sorry on behalf of SkyCity Adelaide and SkyCity’s management teams’ and boards of directors. Cook also mentioned they are in the process of enhancing its mechanisms to ensure better satisfaction for its shareholders, customers and regulators.

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