SkyCity Entertainment has agreed to pay a penalty of A$67 million (approximately $73 million) for breaches of anti-money laundering regulations at its Adelaide casino. The company made this announcement in a statement this evening.
The agreement, reached between SkyCity’s subsidiary, SkyCity Adelaide, and the Australian Transaction Reports and Analysis Centre (Austrac), is related to breaches that occurred between December 2016 and mid-December 2022. The Federal Court will review the agreement, with a penalty hearing scheduled for June 7.
SkyCity Adelaide and Austrac have submitted a statement of agreed facts and admissions, along with joint submissions, to the Federal Court as part of the settlement process.
SkyCity’s executive chairman, Julian Cook, acknowledged the company’s failure to meet required standards and issued an apology. He stated, “We are pleased to have reached an agreement with Austrac, noting that the agreement remains subject to consideration and approval by the Federal Court. This is a significant step in resolving the proceedings.”
Cook emphasized SkyCity’s responsibility in combating money laundering and terrorism financing, and its commitment to improving its anti-money laundering and countering financing of terrorism (AML/CTF) practices. Efforts to enhance compliance include the appointment of an independent expert to review its AML/CTF program, the development of a comprehensive enhancement program, and governance changes focused on compliance.
Additionally, SkyCity has invested in AML/CTF resources and capabilities, strengthened relationships with law enforcement agencies, and adopted revised AML/CTF programs.
SkyCity is also addressing other regulatory matters, including civil penalty proceedings by the New Zealand Department of Internal Affairs related to non-compliance with the country’s AML/CFT Act, and an independent review of SkyCity Adelaide by Consumer and Business Services.
Cook noted, “Our enhancement activities remain ongoing and we have further important work to do in New Zealand and Australia which will take time to complete. We are determined to continually lift our AML/CTF practices, comply with our obligations, and uphold our customer, community, and regulatory expectations.”
SkyCity remains committed to providing safe and responsible experiences and environments for its customers and employees and will continue to engage cooperatively with regulators.
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