{"id":777012858,"date":"2024-02-02T08:46:42","date_gmt":"2024-02-02T11:46:42","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777012858"},"modified":"2026-04-22T13:23:59","modified_gmt":"2026-04-22T16:23:59","slug":"skycity-sets-aside-us46m-for-aml-penalty","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/skycity-sets-aside-us46m-for-aml-penalty","title":{"rendered":"SkyCity sets aside US$46m for AML penalty"},"content":{"rendered":"\n<p>The company had increased its provision.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Australia.- SkyCity has announced it has increased its provision for a penalty related to anti-money laundering failings\u00a0<a href=\"https:\/\/focusgn.com\/asia-pacific\/skycity-adelaide-casino-sets-aside-us29-25m-for-potential-aml-penalty\" target=\"_blank\" rel=\"noreferrer noopener\">from AU$45m<\/a>\u00a0to AU$73m (US$46m) after reaching a joint decision with the Australian Transaction Reports and Analysis Centre (AUSTRAC).<\/p>\n\n\n\n<p>AUSTRAC\u00a0<a href=\"https:\/\/focusgn.com\/asia-pacific\/austrac-commences-civil-proceedings-against-skycity-adelaide\" target=\"_blank\" rel=\"noreferrer noopener\">initiated Federal Court action against SkyCity<\/a>\u00a0Adelaide in December 2022, alleging systematic non-compliance with anti-money laundering and counter-terrorism financing laws. According to the regulator, the casino permitted 59 high-risk customers to gamble more than AU$4bn in suspect cash.<\/p>\n\n\n\n<p>The Federal Court has scheduled a hearing for June 7, and SkyCity expects the matter to be concluded by the end of this financial year. SkyCity&#8217;s share price rose 6.5 per cent to AU$1.88 following the announcement.\u00a0<\/p>\n\n\n\n<p>For the fiscal year 2023, the casino operator posted\u00a0revenue of NZ$926.2m (US$551m), up 44.9 per cent\u00a0<a href=\"https:\/\/focusgn.com\/asia-pacific\/skycity-posts-revenue-of-us395m-for-fy22\" target=\"_blank\" rel=\"noreferrer noopener\">year-on-year<\/a>\u00a0from NZ$639m (US$395m).\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company had increased its provision.<\/p>\n","protected":false},"author":176,"featured_media":24747,"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 increased its provision for an anti-money laundering (AML) penalty from AU$45m to AU$73m following a joint decision with AUSTRAC, related to Federal Court action over alleged systematic non-compliance. The case involves SkyCity Adelaide permitting high-risk customers to gamble AU$4bn in suspect cash, with a hearing scheduled for June 7. Despite the increased provision, SkyCity's share price rose, and the operator reported significant revenue growth for FY23.","focusai_entities":"SkyCity, AUSTRAC, SkyCity Adelaide","focusai_location":"Australia, Adelaide","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), tech_data (0.7), payments_fraud_aml (1.0), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Future AML Compliance","query":"What specific enhancements to SkyCity's AML\/CTF governance frameworks and transaction monitoring systems are anticipated following this settlement, and what is the projected capital expenditure?"},{"label":"Regulatory Precedent","query":"How might AUSTRAC's enforcement action against SkyCity influence the regulatory compliance expectations and potential penalty structures for other licensed operators in the Australian gaming market?"}],"footnotes":""},"categories":[16336,156],"tags":[24411],"class_list":["post-777012858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-regulation-news","tag-skycity-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012858","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=777012858"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012858\/revisions"}],"predecessor-version":[{"id":777012861,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012858\/revisions\/777012861"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/24747"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777012858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777012858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777012858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}