New Zealand Casino operator SkyCity has come to an agreement with the financial crimes watchdog and is preparing to pay a penalty of NZ$75 million ($46 million) plus costs.
The penalty is for alleged violations of anti-money laundering and counter-terrorism financing laws in Australia.
The Federal Court of the country initiated civil penalty proceedings against SkyCity’s Adelaide casino in December of 2022, leading the company to set aside NZ$79m ($48.4m) to cover the penalty and legal costs, a significant increase to the initially allocated NZ$49 million ($30 million).
SkyCity has reached an agreement with the Australian Transaction Reports and Analysis Center (AUSTRAC) regarding the admitted breaches and penalty amount, pending finalization of agreed facts and admissions. The court will determine the appropriateness of the agreed penalty, with a hearing scheduled for June of this year.
Despite providing an indication to the court, SkyCity highlighted the uncertain final amount of the civil penalty and associated legal costs.
