Australian regulator investigates SkyCity Casino as part of the country’s actions against the gambling industry. The Australian Transaction Reports and Analysis Center accused the casino of breaking counter-terrorism financing and anti-money laundering laws. Also, the casino operator could face hefty fines.
According to online gambling South Korea sources, the regulator found several instances where SkyCity failed to perform due diligence. Also, the operator could not maintain and develop an anti-money laundering program. Thus, it left the establishment at risk of being used by criminals.
The casino’s New Zealand-listed shares dropped as much as 4 percent to NZ$2.61, its lowest price since July 14.
Australian Regulator Investigates SkyCity
SkyCity stated the regulator has not yet determined the severity of the punishment it would seek. However, the document says that if the federal court accepts AUSTRAC’s allegation in whole or in part, SkyCity might be subject to a “substantial” civil penalty.
In the last two years, casino operators in Australia have been plagued by damaging claims of flouting anti-money laundering regulations, inefficient governance, and inadequate corporate culture. Also, COVID-19 restrictions have undermined their earnings.
According to Korean sports betting reports, the new development follows an inquiry by AUSTRAC in June of last year. It was also when other Australian states found casino operators Crown Resorts and Star Entertainment Group Ltd. were found to have deficiencies.
People who bet on sports learn that AUSTRAC announced on Wednesday that investigations into SkyCity revealed chronic violations of anti-money laundering and counter-terrorism funding legislation.
In July, the gaming regulator in South Australia initiated an independent examination of SkyCity’s Adelaide casino.
Consumer advocacy and welfare organizations have pressured the government to examine the gaming sector more closely and impose stricter limits on how much individuals may spend on gambling. Australia is already the largest gambling nation in the world in terms of per capita losses.
During the epidemic, more people played online casino games that exacerbated the situation.