SkyCity Issued Multi-Million Fine for Anti-Money Laundering Violations
The New Zealand High Court has imposed a formal penalty of NZ$4.16 million on SkyCity Entertainment Group.
SkyCity hit with NZ$4.16m fine by New Zealand High Court.
LISTEN TO THIS ARTICLE:The fine was administered for breaking the country’s anti-money laundering and counter-terrorism financing (AML/CTF) regulations.
This fine comes after the casino operator announced a settlement of the AML/CTF case with New Zealand’s Department of Internal Affairs (DIA) in June. The court has now confirmed the fine, which must be paid in full within the next 15 working days.
Details of the DIA Settlement
The DIA began High Court proceedings against SkyCity and its subsidiary, SkyCity Casino Management (SCML), in February due to alleged violations of New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The case originated when a complaint was filed with the DIA in February 2022 by a customer at SkyCity Auckland, claiming that the casino failed to follow responsible gambling rules between August 2017 and February 2021.
In the course of its investigation, the DIA expressed concerns about continuous play at the casino and SkyCity responded with an acknowledgement of lapses in its AML and CTF practices but also highlighted an enhancement program initiated in late 2021 to address these issues.
As part of the settlement, SkyCity agreed not only to the fine but also to close its Auckland casino for five days. The gaming area and associated food and beverage services at SkyCity Auckland were shut from 9 to 13 September. The finalization of the fine brings an end to the DIA’s civil proceedings against SkyCity.
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SkyCity Vows to Strengthen Compliance
SkyCity CEO Jason Walbridge commented on the closure of the case, stating that the company is committed to making further improvements to its AML and CTF measures.
SkyCity is aware that as a casino operator we have a responsibility to combat money laundering and terrorism financing. This is a responsibility we take very seriously. We will continue to upgrade our AML and CTF systems to ensure we meet both regulatory obligations and the expectations of the communities in which we operate.
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