SkyCity Entertainment Group announces that the Federal Court has granted approval to the agreement brokered by SkyCity Adelaide, the entity operating the SkyCity Adelaide casino, and the Australian Transaction Reports and Analysis Centre (AUSTRAC), resolving the civil penalty proceedings initiated by AUSTRAC in December 2022.
According to the update filed with the Australian Stock Exchange on Friday, the court approved the fine value of AU$67 million ($44.6 million) concerning acknowledged historical violations of the Australian Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and its rules spanning from December 7th, 2016, to December 14th, 2022.
AUSTRAC initiated proceedings against SkyCity Adelaide in 2022, alleging significant and systemic non-compliance with anti-money laundering and counter-terrorism financing laws.
Subsequently, SkyCity increased the amount it had set aside to cover a potential civil penalty from AU$45 million ($29 million) to AU$73 million ($47.3 million).
