SkyCity Adelaide notified of potential serious breaches by Australia’s Anti-Money Laundering watchdog

New Zealand’s SkyCity Entertainment Group says it has received notice from Australia’s financial crimes watchdog AUSTRAC of potentially serious breaches of Anti-Money Laundering laws at the company’s Australian casino, SkyCity Adelaide.

According to an announcement issued by SkyCity early Monday morning, the potential serious non-compliance includes concerns relating to ongoing customer due diligence, adopting and maintaining an AML/CTF Program and compliance with the program.

The concerns were identified as part of a compliance assessment undertaken by AUSTRAC from September 2019 and focusing on SkyCity Adelaide’s management of customers identified as high risk and politically exposed persons during the periods from 1 July 2015 to 30 June 2016 and 1 July 2018 to 30 June 2019.

The matter has now been referred to AUSTRAC’s Enforcement Team which has initiated a formal enforcement investigation into the compliance of SkyCity Adelaide.

The company said it has received notification from AUSTRAC that it will request further information from SkyCity as part of its investigation.

“SkyCity will fully co-operate with AUSTRAC in relation to those inquiries and with the investigation of SkyCity Adelaide,” SkyCity said.

“SkyCity takes its anti-money laundering responsibilities and obligations very seriously. SkyCity has processes and practices in place in its business to detect and prevent money laundering and continually reviews these to ensure it meets all anti-money laundering requirements.”

News of such potential serious breaches follows revelations surrounding AML compliance issues around Australia’s largest casino operator, Crown Resorts, during an inquiry into its suitability to hold a NSW state casino license held last year. Crown was subsequently found unsuitable, sparking the launch of two Royal Commissions into Crown’s operations in Victoria and Western Australia. Both are ongoing.

SkyCity has itself already responded to concerns raised as part of the Crown inquiries about the role of Asian junkets, announcing in April it would permanently cease all dealings with junket operators and bring its international VIP operations in-house.

The post SkyCity Adelaide notified of potential serious breaches by Australia’s Anti-Money Laundering watchdog appeared first on IAG.

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