SkyCity's Adelaide Casino to Undergo Independent Review
LISTEN TO THIS ARTICLE:The South Australian Liquor and Gambling Commissioner has ordered SkyCity Entertainment to commission an independent review of its Adelaide Casino's compliance with anti-money laundering and counter-terrorism financing regulations.
The Commissioner also directed SkyCity to appoint a qualified independent expert to review the suitability of its Adelaide franchise to hold its license and its suitability to continue to be a close partner of the casino.
SkyCity has confirmed that it would obey the Commissioner's orders and comply with additional requirements.
We will fully co-operate with the Commissioner in relation to the selection and appointment of the independent expert, and work closely with the independent expert. It is very important to us that our customers, community, and the regulators have confidence in our commitment to the highest standards of compliance.
According to Brokerage Firm Forsyth Barr, the latest development is a favorable outcome for SkyCity since the regulator focused on the current procedures and operations of the casino rather than its previous shortcomings.
Is This SkyCity’s First Strike?
SkyCity Entertainment has had a few failings and criticisms about its processes in the past. In 2021, the operator was forced to cease operations with junkets permanently after an inquiry into a Sydney-based casino found that operators posed a money laundering risk, with some linked to organized crime groups.
Last December, SkyCity faced civil penalty proceedings in Australia over alleged anti-money laundering and counter-terrorism financing laws breaches.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) outlined six allegations against the operator. These being failure to appropriately assess the money laundering and terrorism financing risks it faced and failure to conduct appropriate ongoing customer due diligence on several customers who showed higher money laundering risks.
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