Australian regulator prosecutes Star Casino for violating anti-money laundering laws

Star Casino, a subsidiary of Sydney’s Pyrmont-based Star Entertainment, faces hefty fines from the Australian Center for Transaction Reports and Analysis (AUSTRAC), known as the Australian Anti-Money Laundering Regulator, for “allowing customers to move cash through risky back-trading channels and continue trading with high-risk customers in violation of federal anti-money laundering laws.”

A federal court seeking civil penalties from Star Entertainment following the findings of a joint investigation with law enforcement and regulators in NSW and Queensland that began in September 2019. 파친코

The Australian Transaction Reports and Analysis Centre said, “Star has failed to implement legally required monitoring of money laundering risks. In the absence of this risk-based control, breaches were severe and systematic, and Star companies were vulnerable to criminal abuse.

“Star has not taken anti-money laundering and terrorist financing laws seriously enough in the face of known serious money laundering and terrorist financing risks. The board and senior management failed to build the right capabilities and failed to invest in the right automated solutions.

“Without proper controls, Star Sydney and Star Qld have provided designated services to high-risk customers. This failure has exposed Star Sydney and Star Qld to the risk of being abused for organised crime.”

It also used the money on “high-risk channels that are not subject to proper risk-based controls, such as junkets, where anyone who is not an employee can bring in a bunch of gamblers from abroad.”

Nicole Rose, CEO of AUSTRAC, said, “All casinos should take their anti-money laundering obligations seriously because criminals will always try to use the financial system to launder money.”

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