{"id":36,"date":"2024-06-11T16:36:42","date_gmt":"2024-06-11T13:36:42","guid":{"rendered":"https:\/\/funclubcasinonodepositbonus.icu\/2024\/06\/11\/australian-casino-giant-skycity-faces-45-million-fine-for-anti-money-laundering-violations\/"},"modified":"2024-06-12T10:46:07","modified_gmt":"2024-06-12T07:46:07","slug":"australian-casino-giant-skycity-faces-45-million-fine-for-anti-money-laundering-violations","status":"publish","type":"post","link":"https:\/\/funclubcasinonodepositbonus.icu\/2024\/06\/11\/australian-casino-giant-skycity-faces-45-million-fine-for-anti-money-laundering-violations\/","title":{"rendered":"Australian Casino Giant SkyCity Faces $45 Million Fine for Anti-Money Laundering Violations"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/CoJywAUgB00\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Financial Intelligence Unit of Australia (AUSTRAC) and the gaming corporation SkyCity Entertainment Group have come to terms on a resolution.  Both parties have jointly suggested to the Australian Federal Court that SkyCity should be liable for a substantial penalty of $67 million AUD (equivalent to roughly $44.6 million USD). This aims to settle allegations that SkyCity was not in compliance with Australia&#8217;s Anti-Money Laundering and Counter-Terrorism Financing Act of 2006. <\/p>\n<p>A judicial official will examine the agreement on June 7th to determine whether the sanction should be ratified.<\/p>\n<p>SkyCity has conceded that it lacked adequate protections against illicit finance and funding for terrorism at its Adelaide gambling establishment. They acknowledged shortcomings in fulfilling the anticipated benchmarks for patrons posing elevated risks.<\/p>\n<p>This is not the first encounter SkyCity has had with regulatory bodies. In the previous year, the license for their Adelaide casino was briefly revoked due to comparable compliance concerns. There have also been significant leadership changes, with both the Chief Executive Officer and the Australian Chief Operating Officer stepping down.<\/p>\n<p>AUSTRAC has been actively engaged recently, initiating numerous new inquiries.  In a recent development, they took action against bet365 for infractions akin to those of SkyCity. <\/p>\n<p>Australias financial crime regulator, AUSTRAC, recently issued a significant penalty to Crown Resorts. The company&#8217;s chief executive, Brandon Thomas, recognized the regulator&#8217;s move, explaining that AUSTRAC had concerns about Crown disregarding substantial hazards \u2013 their business practices and clientele \u2013 over an extended period.<\/p>\n<p>This situation is not unique. The Australian gaming sector has been grappling with misconduct and inadequate anti-money laundering protocols.  In April alone, BlueBet received a considerable fine for inappropriate marketing, while Star Entertainment is confronting even graver allegations, prompting a large-scale departure of senior management, including their chief executive.  It appears Australian authorities are intensifying their scrutiny of the gaming industry. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Intelligence Unit of Australia (AUSTRAC) and the gaming corporation SkyCity Entertainment Group have come to terms on a resolution. Both parties have jointly suggested to the Australian Federal Court that SkyCity should be liable for a substantial penalty of $67 million AUD (equivalent to roughly $44.6 million USD). This aims to settle allegations [&hellip;]<\/p>\n","protected":false},"author":81,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SkyCity Faces $44.6M Fine in Anti-Money Laundering Case<\/title>\n<meta name=\"description\" content=\"Australian casino giant SkyCity might have to cough up $44.6 million USD! The potential penalty comes after accusations of serious anti-money laundering failures. 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