SkyCity Adelaide casino sets aside US$29.25m for potential AML penalty
SkyCity says its Adelaide casino licence has been impaired by a further AU$45.6m (US$29.63m).
Australia.- SkyCity has announced that it has reserved AU$45m (US$29.25m) to cover a potential civil penalty related to anti-money laundering failings. The company’s operating licence has been impaired by a further AU$45.6m (US$29.63m).
The Australian Transaction Reports and Analysis Centre (AUSTRAC) initiated Federal Court action against SkyCity last December, alleging systematic non-compliance with anti-money laundering and counter-terrorism financing laws. The civil case follows an enforcement investigation of SkyCity, which was notified in June 2021. The investigation was the result of AUSTRAC’s industry-wide compliance campaign, which began in September 2019.
SkyCity highlighted uncertainty surrounding the potential penalty that the Federal Court might impose, indicating that it could be significantly higher or lower than the AU$45m set aside. The court case is still in its early stages.
The company stated: “SkyCity Adelaide will continue to cooperate with AUSTRAC more generally, particularly in relation to the ongoing implementation of enhancements to its Adelaide AML/CTF control frameworks.”
SkyCity has a strong presence in New Zealand and Australia. The company said it will release its group financial statements for the year ended June 30 2023 on August 23.
