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CBA class action judge used ‘far too onerous’ test, appeals court told
Class Actions 2024-11-18 11:38 pm By Cindy Cameronne

Two failed class actions against CBA claim a judge used a “far too onerous test” for materiality in deciding whether the bank should have told the market about deficiencies in its anti-money laundering systems. 

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AUSTRAC claims Star walked back admissions in money laundering case
AUSTRAC 2024-09-11 11:57 pm By Cindy Cameronne

AUSTRAC has taken The Star to task for making statements that are inconsistent with admissions the casino has made in the regulator’s case over its alleged failure to comply with its money laundering obligations.

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SkyCity hit with $67M penalty in AUSTRAC case
AUSTRAC 2024-06-07 2:11 pm By Andy Sidler

A judge has ordered SkyCity to pay a $67 million penalty in AUSTRAC’s case alleging it allowed $4 billion in suspicious transactions, finding it was an “appropriate” sum, even when compared with the $450 million fine handed to Crown last July.

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SkyCity to pay $67M penalty to settle with AUSTRAC
Gaming 2024-05-17 11:06 pm By Cat Fredenburgh

SkyCity has agreed to pay $67 million to resolve AUSTRAC proceedings alleging it allowed $4 billion in suspicious transactions and failed to carry out diligence on high-risk customers.

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CBA didn’t have to alert investors to ‘toings and froings’ of AUSTRAC probe, judge says
Class Actions 2024-05-15 11:18 pm By Cindy Cameronne

A judge that tossed two shareholder class actions against the Commonwealth Bank of Australia has found the bank did not have to alert investors to the possibility of AUSTRAC proceedings, saying investors did not expect to be apprised of the “toings and froings” of regulatory investigations.

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AUSTRAC opens money laundering investigation into Bet365
AUSTRAC 2024-03-07 2:22 pm By Cat Fredenburgh

Financial crimes regulator AUSTRAC has launched an enforcement investigation into British online betting company Bet365, after receiving an audit report on the company’s compliance with anti-money laundering and counter-terrorism financing laws.

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SkyCity settles with AUSTRAC, puts aside $73M for penalty
Gaming 2024-02-01 4:57 pm By Cindy Cameronne

SkyCity has reached an agreement with AUSTRAC in proceedings alleging it allowed $4 billion in suspicious transactions, setting aside $73 million to cover penalty and costs.

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‘Great distance’ between sides in AUSTRAC’s case against Star, court told
AUSTRAC 2023-11-15 2:30 pm By Christine Caulfield

Star Entertainment has made admissions in AUSTRAC’s action alleging non-compliance with anti-money laundering and counter-terrorism financing laws, but there are still substantial issues in dispute, a court has heard.

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Star Entertainment racked up $600M in legal, regulatory bills
Gaming 2023-08-29 11:50 pm By Sam Matthews

Star Entertainment coughed up $595 million in regulatory and legal costs in the 2023 financial year, as it faces ongoing disputes with ASIC and AUSTRAC and an $80 million class action.

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SkyCity sets aside $45M for AUSTRAC case
Financial Services 2023-08-14 12:53 pm By Cat Fredenburgh

SkyCity has set aside $45 million for its legal costs and a possible penalty in AUSTRAC proceedings alleging it allowed $4 billion in suspicious transactions at its casino.

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