SkyCity Adelaide and the Australian Transaction Reports and Analysis Centre have reached an agreement to resolve the operator’s civil penalty proceedings.
Last week, SkyCity and Austrac proposed a penalty of A$67m. Under the new agreement, this proposal will be put to the Federal Court. The two companies have also filed a Statement of Agreed Facts and Admissions and joint submissions with the Federal Court.
“We are pleased to have reached agreement with AUSTRAC, noting that the agreement remains subject to consideration and approval by the Federal Court,” said SkyCity executive chair Julian Cook. “This is a significant step in resolving the proceedings.
“We acknowledge that, as a casino operator, we play a key role in combatting money laundering and terrorism funding and safeguarding the community against these risks. While we take this responsibility seriously, we accept we have failed to live up to the standard required of us and for this, on behalf of the SkyCity and SkyCity Adelaide Boards and management teams, I apologise.
“We know we need to do better to meet the expectations of our regulators, customers and our shareholders, and this is a process that is already underway.”
