AUSTRAC and SkyCity agree to proposed $67 million penalty
SkyCity Adelaide Pty Ltd (SkyCity) and AUSTRAC have filed joint submissions with the Federal Court of Australia, proposing a $67 million penalty over the casino’s contravention of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). A court hearing has been set down for 7 June 2024, at which Justice Lee will consider the parties’ proposed settlement. While AUSTRAC and SkyCity agree that a $67 million penalty is appropriate in all the circumstances, it is a matter for the court to determine the appropriate penalty. In reaching this agreement, SkyCity has admitted that it operated in contravention of the…