The Star Sydney, one of Australia’s premier casino resorts, has retained its casino license despite being hit with a hefty fine of AU$15 million and continued oversight by regulatory authorities. The decision comes after an investigation into the casino’s compliance with anti-money laundering and counter-terrorism financing laws revealed a number of serious breaches.
The fine, imposed by the Australian Transaction Reports and Analysis Centre (AUSTRAC), is the largest ever issued to a casino in Australia. It follows a lengthy investigation which found that The Star had failed to adequately monitor and report suspicious transactions, as well as failing to carry out proper due diligence on high-risk customers.
In a statement, AUSTRAC said that The Star’s failures had put the casino at risk of being used for money laundering and financing terrorism. The regulator also noted that the casino had not taken adequate steps to address these issues, despite being warned about them in the past.
Despite the hefty fine and ongoing oversight, The Star’s casino license has been retained, with the New South Wales Independent Liquor and Gaming Authority (ILGA) stating that the casino had taken steps to address the issues identified by AUSTRAC.
ILGA chair Philip Crawford acknowledged that The Star had made improvements to its compliance systems and processes but stressed that ongoing monitoring and oversight would be necessary to ensure that the casino continued to comply with the law.
The Star Sydney has expressed its commitment to implementing the necessary changes to its compliance procedures and working closely with regulators to address any remaining concerns. In a statement, the casino said that it takes its responsibilities to prevent money laundering and terrorist financing seriously and is committed to maintaining the highest standards of compliance.
The AU$15 million fine and ongoing oversight serve as a warning to all Australian casinos that regulatory authorities will not tolerate lax attitudes towards anti-money laundering and counter-terrorism financing laws. With the spotlight firmly on The Star Sydney, the casino will now be under increased scrutiny to ensure that it remains in full compliance with the law.