SkyCity strengthens anti-money laundering measures

SkyCity strengthens anti-money laundering measures

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SkyCity strengthens anti-money laundering measures

SkyCity‘s Chief Risk Officer is implementing new initiatives aimed at preventing the casino from being exploited for money laundering, following substantial penalties levied against the company in New Zealand and Australia.

In June, SkyCity’s Adelaide branch was fined AU$67 million ($74 million) plus AU$3 million ($2 million) in legal fees for breaching Australia’s Anti-Money Laundering laws. Simultaneously, SkyCity Auckland faces penalties under New Zealand’s equivalent laws, with a NZ$4.16 million ($2.54 million) fine pending High Court approval.

To tackle these challenges, SkyCity’s new Chief Risk Officer, Carolyn Kidd, brings banking expertise to combat money laundering issues, a problem often exploited by criminals looking to launder proceeds from illegal activities.

As per 1News, a media outlet,a group of 56 “higher-risk customers”spent AU$436 million ($294 million) at SkyCity Australian property, incurring losses of AU$45.7 million ($30.8 million).

According to a source, criminals are okay with losing up to 10% of their money to hide it through gambling. SkyCity casinos in Australia and New Zealand are taking action. Carolyn Kidd from Auckland said they’ve assigned over 100 experts to manage risks, prevent financial crimes, and ensure responsible gambling. They’re also upgrading facial recognition tech and plan to require ID for all casino play by mid-2025.

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