Sharechat Logo

SkyCity Entertainment Group Limited (NZX: SKC) AUSTRAC ENFORCEMENT INVESTIGATION

Tuesday 8th June 2021

Text too small?

SkyCity Entertainment Group Limited (SkyCity) has been informed by AUSTRAC’s Regulatory Operations Team that it has identified potential serious non-compliance by SkyCity Adelaide Pty Limited (SkyCity Adelaide) with the Australian Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007.

The potential serious non-compliance includes concerns relating to ongoing customer due diligence, adopting and maintaining an AML/CTF Program and compliance with Part A of an AML/CTF Program. These concerns have been identified in the course of a compliance assessment which AUSTRAC commenced in September 2019 focusing on SkyCity Adelaide’s management of customers identified as high risk and politically exposed persons over the periods from 1 July 2015 - 30 June 2016 and 1 July 2018 - 30 June 2019. The matter has been referred to AUSTRAC’s Enforcement Team, which has initiated a formal enforcement investigation into the compliance of SkyCity Adelaide.

AUSTRAC has made clear that it has not made a decision regarding the appropriate regulatory response that it may apply to SkyCity Adelaide, including whether or not enforcement action will be taken. AUSTRAC has indicated that it will request 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 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.

Please see the link below for details

Market Update

Source: SkyCity Entertainment Group Limited



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Pacific Edge Limited (NZX: PEB) Placement Upsized Following Strong Demand
24th September 2021 Morning Report
23rd September 2021 Morning Report
Pacific Edge Limited (NZX: PEB) Dual Lists on ASX; Announces Capital Raise to Accelerate
Tower Limited (NZX: TWR) Updates Guidance
South Port New Zealand Limited (NZX: SPN) 2021 Annual Report
22nd September 2021 Morning Report
Kathmandu Holdings Limited (NZX: KMD) FY21 Annual Results Announcement
Stride Property Ltd & Stride Investment Management Ltd (NZX: SPG) Update on Demerger and Office Fund
21st September 2021 Morning Report