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Australian SkyCity Casino Under AUSTRAC Siege
Casino regulations and rules exist to guide the operations of casinos across the globe. Some authoritative bodies and commissions issue licenses and make sure that the operators follow these rules when they’re active.
The Australian Transaction Reports and Analysis Centre or AUSTRAC has accused SkyCity Casino of breaching those regulations. In other words, the casino is under suspicion of being part of a money laundering scheme. This is just a claim and the fault of the casino is yet to be proven, but there are indications that the casino wasn’t doing a proper job.
Another Australian Casino Accused of Money Laundering
As mentioned before, each country has to have a certain list of rules, or rather, regulations that casino operators need to follow if they’re looking to be active. When they break these rules they are fined by the bodies in charge of keeping them in control.
This is what happened in Australia recently. There has been a crackdown on casino operations because of several public complaints. Lots of Australians like playing casino games, but their hobby has turned into an addiction which is why government bodies are looking into the Australian casino industry.
SkyCity Casino has recently been accused of participating in a money laundering scheme by AUSTRAC. The casino hasn’t been completing its obligations regarding the AML/CTF program. Other factors came into play as well which is why the casino’s shares fell as much as 4%.
The casino sector in Australia has been hit hard by the pandemic. Some brands may have decided to take illegal steps to keep themselves operational. Crown Resorts and Star Entertainment were 2 brand names that were caught in a money laundering scheme which is why they were fined severely.
SkyCity Casino is currently awaiting the decision of the federal court regarding the claim and if it’s found to be guilty then it will be fined. The kind of punishment it will receive will depend on the decision and the casino’s involvement in the scheme. Time will tell which way the decision goes.
This and other Australian casino brands will continue to be investigated as there are lots of complaints regarding casino addiction which is a serious issue that every government and casino venue needs to deal with. Also, casinos need to follow regulations which is why the Australian government is cracking down on irregularities in the industry.