SkyCity says its Adelaide casino licence has been impaired by a further AU$45.6m (US$29.63m).<\/p>\n\n\n\n\n\n\n\n
Australia.-\u00a0SkyCity\u00a0<\/strong>has announced that it has reserved AU$45m<\/strong> (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)<\/strong>.\u00a0<\/p>\n\n\n\n The Australian Transaction Reports and Analysis Centre (AUSTRAC)\u00a0initiated Federal Court action against SkyCity<\/a>\u00a0last December, alleging systematic non-compliance with anti-money laundering and counter-terrorism financing laws. The civil case follows an enforcement investigation of SkyCity,\u00a0which was notified in June 2021.<\/a>\u00a0The investigation was the result of AUSTRAC\u2019s industry-wide compliance campaign, which began in September 2019.<\/p>\n\n\n\n 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.\u00a0The court case is still in its early stages.<\/p>\n\n\n\n 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.”<\/p>\n\n\n\n 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.<\/p>\n","protected":false},"excerpt":{"rendered":" SkyCity says its Adelaide casino licence has been impaired by a further AU$45.6m (US$29.63m).<\/p>\n","protected":false},"author":176,"featured_media":18781,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"SkyCity has announced a further AU$45.6m impairment to its Adelaide casino licence and reserved AU$45m for a potential civil penalty related to anti-money laundering (AML) failings. This action stems from a Federal Court case initiated by AUSTRAC in December, alleging systematic non-compliance with AML\/CTF laws, with the final penalty amount still uncertain. SkyCity is cooperating with AUSTRAC to enhance its AML\/CTF control frameworks.","focusai_entities":"SkyCity, AUSTRAC","focusai_location":"Australia, Adelaide","focusai_target_profile":"ceo_executive (0.95), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), payments_fraud_aml (1.0), investor_analyst (0.98), journalist_researcher (0.9)","focusai_suggestions":[{"label":"AML Framework Impact","query":"What specific enhancements to SkyCity Adelaide's AML\/CTF control frameworks are being implemented, and how might these set new industry benchmarks for regulatory compliance?"},{"label":"Financial Penalty Outlook","query":"Given the early stage of the Federal Court case, what is the projected range of the final civil penalty, and how will this impact SkyCity's capital allocation and future investment strategies?"}],"footnotes":""},"categories":[16336,157],"tags":[1137],"class_list":["post-777008150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-skycity"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777008150"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008150\/revisions"}],"predecessor-version":[{"id":777008181,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008150\/revisions\/777008181"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18781"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777008150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777008150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777008150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}