MIL-OSI Australia: Federal Court makes ruling in SkyCity case

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Source: Australian Transaction Reports and Analysis Centre

SkyCity Adelaide Pty Ltd (SkyCity) has been ordered by the Federal Court of Australia to pay a $67 million penalty after AUSTRAC launched civil penalty proceedings against it for breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The Court also ordered SkyCity to pay AUSTRAC’s costs at $3 million.
The court found that SkyCity’s AML/CTF Programs failed to meet the requirements of the AML/CTF Act, and that it did not carry out appropriate ongoing customer due diligence.