SkyCity increases settlement provision for AML flaws after court hearing - Australia

Australasian casino operator SkyCity Entertainment Group Ltd notified the market on 1 February 2024 that it had increased the sum set aside to cover a civil settlement after informing the Federal Court in Australia that it had reached an agreement with the Australian Transaction Reports and Analysis Centre (AUSTRAC) over alleged contraventions of local anti-money laundering/counter terrorism financing law; proceedings were originally filed on 7 December 2022.

Australasian casino operator SkyCity Entertainment Group Ltd notified the market on 1 February 2024 [1] that it had increased the sum set aside to cover a civil settlement after informing the Federal Court in Australia that it had reached an agreement with the Australian Transaction Reports and Analysis Centre (AUSTRAC) over alleged contraventions of local anti-money laundering/counter terrorism financing law; proceedings were originally filed on 7 December 2022. [2]