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Money laundering accusation against Australian casinos

In Australia, several gambling providers are now having to defend themselves against the accusation fight against money laundering. This includes not only the Crown Casino, which is already living with a penalty for confirmed money laundering. There are two other providers who have been accused of money laundering: Star Entertainment and SkyCity Entertainment Group. We would now like to explain how these providers are defending themselves.

Stadtteil Milsons Point von Sydney.

SkyEntertainment and Star Entertainment are defending themselves against allegations of money laundering. AUSTRAC has initiated investigations.(©pattyjansen/Pixabay)

SkyCity Entertainment partly admits guilt

The SkyCity group is lucky in misfortune and only has to deal with theincidents in a casino. The speech is from the SkyCity Adelaide, in which the duty of care was violated. The duty of care relates to the verification of customers. For example, Australian casinos are prohibited from accepting customers from a country where gambling is not permitted by law. Although SkyCity Entertainment has not yet commented in detail, the problems could be seen in it. It was also announced that the AML/CTF program was not being properly maintained.

However, the management of SkyCity Entertainment has confirmed that the group would fight against money laundering together with the authorities and takes the problem very seriously. Moving forward, management has promised to continueworking closely with the appropriate authorities to resolve the issue. Nevertheless, the group has to endure an investigation. First and foremost, it needs to be determined whether the violation of the AML/CTF program has been ongoing over a period of time.

Star Entertainment largely rejects allegations

Star Entertainment has also taken a position on the allegations by AUSTRAC and currently suspects that the allegationsmaximum in the Star Casino Sydney could have happened. This casino might have missed out on customer verification. It is known that certain high-risk customers have been granted access. Interestingly, these incidents have been happening since 2015 - so these are not new incidents. Nevertheless, the allegations have only now been made.

So far, Star Entertainmenthas responded similarly to SkyCity Entertainment, confirming that they have always fought and will continue to fight against money laundering. If the allegations can actually be confirmed, this would not have happened on purpose. In any case, they would do everything in the future to prevent something like this from happening again.

Interestingly, so farneither SkyCity Entertainment nor Star Entertainment has received a penalty. This is either because the investigations are not yet complete or because the companies have promised to work with the authorities to fight against money laundering.

Crown slowly redeemed itself

Crown was punished last year when the license for the third casino in Barangaroo was revoked. This caused significant damage to the group, since the construction of the casino cost several million dollars. The Crown has hope, however, becausethe license will be granted if Crown adheres to the measures laid down. These included, for example, the restructuring of management. Ken Benton, who resigned voluntarily, took the first step.

Crown also had to end its cooperation with the junket operators who smuggled rich people from China into Crown casinos. It was also demanded that the safety regulations be increased. In addition,Crown is no longer allowed to accept cash - instead, a secure card system must be installed.

The second penalty Crown received in addition to the license revocation was a fine of 14.4 million euros. This amount is intended to cover the cost of the investigation. The total also includes the supervisory fees for 2021 and 2022.

AUSTRAC is also investigating against NAB

The Australian Financial Supervisory AuthorityAUSTRAC is not only investigating the two casinos against the operators, but also against the National Bank NAB.According to AUSTRAC, the NAB could also have violated regulations - but this is not certain. However, NAB boss Ross McEwan confirmed that they have been fighting money laundering for years and have already spent $800 million in the process. In addition, 1200 employees would be employed to fight against money laundering. Thus, the investigation against the NAB will most likely yield nothing.

AUSTRAC has jurisdiction in Australia for all incidents remotely related tomoney laundering, financial crime, tax evasion, terrorist financing and organized crime Has. In this context, the authority checks compliance with the AML/CTF Act and AML/CTF Rules. As a result, both SkyCity Entertainment and Star Entertainment are accused of violating these rules. In such a case, an investigation is inevitable.

It will definitely take some time before these are completed. Only then are confirmations available, as with Crown. We recall that Crown initially denied all allegations. Various violations were only admitted in the course of the investigation, but only in part. Whether the two casino operators will also have to reckon with penalties as high as Crown cannot be estimated at the moment. WithCrown, the biggest problem might have been working with the Ho family, which was actually forbidden under the license terms.

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Der Beitrag wurde am 21.6.2021 in dem Magazin von cpaws-ov.org unter den Schlagwörtern ,,,, published.
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