SkyCity Casino Management has reached an agreement with the Department of Internal Affairs resolving the civil penalty proceedings which began in February.
Under the agreement, SCML has admitted it has breached its obligations under the New Zealand Anti-Money Laundering and Countering Financing of Terrorism Act 2009 in incidents with date between 2018 and 2023.
SCML and DIA will jointly recommend to the court to impose a civil pecuniary penalty of NZ$4.16m.
SkyCity executive chair Julian Cook said: “SkyCity has been subject to regulatory enforcement action in both Australia and New Zealand and the regulators are rightly holding SkyCity to account.
“On behalf of the SkyCity board and management team, I accept and apologise for these long-standing failings.
“We have fallen short of the standards we should hold ourselves to, alongside failing to meet the expectations of our regulators, customers, shareholders and the communities we are part of. We are committed to, and have begun, delivering the level of change that is required to meet these expectations.”
