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The corporate regulator voiced concerns with Star Entertainment over its 2022 financial report, which it said made no provision for likely fines faced by the casino operator for lax compliance with money laundering laws.
A court has heard that casino giants Crown and Star are likely to reach agreement with AUSTRAC as to liability in proceedings alleging “widespread and serious non-compliance” with anti-money and counter terrorism laundering laws.
A four-way fight to lead a shareholder class action against Star Entertainment could be on the cards after a fourth law firm filed a representative proceeding alleging the company's share price plummeted following revelations of alleged money-laundering breaches.
Star Entertainment is facing a third shareholder class action alleging it failed to disclose material information about its compliance with anti-money laundering and counter-terrorism financing regulations, after being slapped with $200 million in fines by state gambling regulators.
The corporate cop has named eleven current and former Star Entertainment directors and officers in a civil penalty case alleging breaches of duties in relation to the company's non compliance with anti-money laundering laws.
The Star Entertainment Group has been hit with a $100 million fine as part of disciplinary action by Queensland's gaming regulator following the findings of a state review and a determination by the Attorney-General that the company is unsuitable to hold a casino licence.