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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.
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.
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.
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.
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.
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.
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.
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.
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.
SkyCity may be the first company to test the strength of AUSTRAC's claims in court, according to a judge who recently said in a separate case that the regulator's habit of agreeing to penalties could give rise to a "moral hazard".