In a landmark ruling, the Federal Court has imposed a $67 million fine on SkyCity, the operator of Adelaide’s casino, for failing to comply with anti-money laundering laws. The case, brought forward by AUSTRAC (Australian Transaction Reports and Analysis Centre), highlighted significant lapses in the casino’s compliance mechanisms and revealed connections between the casino’s clientele and organized crime.
SkyCity Adelaide was found to have insufficient measures in place to prevent money laundering activities, which allowed criminal elements to exploit the casino’s services. The Federal Court’s decision underscores the importance of stringent compliance with anti-money laundering regulations in the gambling industry.
In anticipation of the penalty, SkyCity had prudently set aside over $70 million. Besides the fine, the court has also ordered the company to pay an additional $3 million to cover legal costs.
This ruling serves as a stark reminder to all casino operators about the critical importance of maintaining robust anti-money laundering protocols to safeguard the integrity of their operations and to prevent criminal exploitation.