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SkyCity implements further measures against money laundering

SkyCity‘s Chief Risk Officer is introducing fresh measures to prevent criminals from using the casino for money laundering. This comes after the company faces significant fines in both New Zealand and Australia.

In June, SkyCity’s Adelaide operation was instructed to pay a fine of AU$67 million ($74 million) along with AU$3 million ($2 million) in legal costs for violations of Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act.

Meanwhile, SkyCity Auckland has also encountered difficulties, having entered into an agreement with Internal Affairs over breaches of New Zealand’s equivalent legislation, the Anti-Money Laundering and Countering Financing of Terrorism Act. The company is poised to pay a NZ$4.16 million ($2.54 million) fine pending approval by the High Court.

SkyCity Auckland, SkyCity Entertainment, New Zealand

SkyCity’s new Chief Risk Officer, Carolyn Kidd, has been tasked with addressing money laundering issues. With a background in banking, she brings expertise from a sector frequently targeted by criminals seeking to integrate proceeds from illegal drugs into the financial system.

According to media outlet 1News, a group of 56 “higher-risk customers” spent AU$436 million ($294 million) at SkyCity Australian property, incurring losses of AU$45.7 million ($30.8 million). A loss of approximately 10 percent for potential money laundering purposes is considered acceptable from a criminal perspective, a source told the publication.

In response, SkyCity establishments in both Australia and New Zealand have committed to implementing improvements. Carolyn Kidd, based in Auckland, highlighted that over 100 specialists are now dedicated to risk management, financial crime, and host responsibility. 

Additionally, enhancements to facial recognition technology are underway. However, the most significant measure announced is the introduction of mandatory carded-play across all casinos by mid-2025.

AGBrief Editorial
AGBrief Editorialhttps://agbrief.com/about-asia-gaming-brief/
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.

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