The Star Sydney casino has been hit with a massive $15 million fine for allegedly failing to comply with anti-money laundering laws, marking the largest penalty ever imposed on a casino in Australia. The fine was imposed by the Australian Transaction Reports and Analysis Centre (AUSTRAC) after an extensive investigation into the casino’s practices.
According to AUSTRAC, The Star Sydney casino had “serious and systemic non-compliance” with anti-money laundering and counter-terrorism financing laws. The investigation found that the casino failed to conduct proper due diligence on high-risk customers, failed to report suspicious transactions, and had inadequate policies and procedures in place to prevent money laundering.
The $15 million fine is a significant blow to The Star Sydney casino, which has been embroiled in controversy in recent years. The casino has been facing increased scrutiny over its practices, with allegations of money laundering and links to organized crime being made against it.
In addition to the hefty fine, The Star Sydney casino has also had its suspension from the casino sector prolonged, meaning that it will be unable to conduct any gaming activities for an extended period of time. This suspension is a major blow to the casino, as it will have a significant impact on its revenue and reputation.
The prolonged suspension comes as a major setback for The Star Sydney casino, which had recently been hoping to bounce back from the impact of the COVID-19 pandemic. The casino had been gearing up for a successful reopening, but this latest development has thrown a wrench in its plans.
In response to the fine and suspension, The Star Sydney casino has vowed to implement significant changes to its operations in order to comply with anti-money laundering laws. The casino has stated that it takes its compliance obligations seriously and is committed to rectifying the issues that led to the fine.
Despite these assurances, the $15 million fine and prolonged suspension are sure to have a lasting impact on The Star Sydney casino. The hefty penalty serves as a stark warning to other casinos in Australia about the importance of complying with anti-money laundering laws, and underscores the significant consequences that can result from failing to do so.