SkyCity Entertainment bracing for nearly $50M in AML penalties
By 
Kyle Brasseur2024-05-21T16:59:00
Australian gaming company SkyCity Entertainment Group faces nearly $50 million in penalties for admitted breaches of anti-money laundering and countering financing of terrorism (AML/CFT) obligations in Australia and New Zealand.
The fines are set to be handed down by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the New Zealand Department of Internal Affairs (DIA), pending court approval. In the AUSTRAC case, announced Friday, SkyCity Adelaide agreed to pay 67 million Australian dollars (U.S. $44.7 million), while the DIA on Tuesday announced a proposed 4.16 million New Zealand dollars (U.S. $2.5 million) penalty.
The totals surpass what SkyCity had said it reserved—about $29 million—back in August.
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