- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-08-14T18:36:00
Australian gaming company SkyCity Entertainment Group disclosed it reserved 45 million Australian dollars (U.S. $29 million) for a potential settlement resolving alleged violations of the country’s anti-money laundering and combating the financing of terrorism (AML/CFT) law.
SkyCity, which operates five casinos in Australia and New Zealand, said in a notice Monday the monetary provision was booked for potential civil penalties levied by Australia’s financial regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). The company acknowledged the penalty could be “significantly higher or lower than the provision” and said it was unsure of timing on a resolution.
In December, AUSTRAC announced its federal court proceeding against SkyCity Adelaide following an investigation into the casino commenced in June 2021.
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