- AUSTRAC informed SkyCity Entertainment Group (ASX:SKC) that it has identified a potential serious non-compliance by SkyCity Adelaide.
- AUSTRAC has identified the non-compliance with Australia’s anti-money laundering and counter-terrorism financing laws.
- SkyCity said the non-compliance included concerns over the ongoing customer due diligence, adopting and maintaining an AML/CTF program.
Australia’s financial watchdog AUSTRAC informed SkyCity Entertainment Group Ltd (ASX:SKC) that it has identified a potential serious non-compliance by SkyCity Adelaide. The non-compliance has been identified with Australia’s anti-money laundering and counter-terrorism financing laws.
According to the information revealed to the stock exchange ASX, SkyCity said the non-compliance included concerns over the ongoing customer due diligence, adopting and maintaining an AML/CTF program.
AUSTRAC, which stands for Australian Transaction Reports and Analysis Centre, is Australia’s financial intelligence .
Source: ©Miflippo | Megapixl.com
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The concerns were identified during a compliance assessment, which AUSTRAC commenced in September 2019, focusing on SkyCity Adelaide’s management of customers identified as high risk and politically exposed persons over the periods from July 2015 to June 2016 and July 2018 to June 2019.
A formal enforcement probe has been initiated into SkyCity Adelaide’s compliance by AUSTRAC’s Enforcement Team.
AUSTRAC said that it has not yet decided an appropriate regulatory action that may apply to SkyCity Adelaide.
Source: © Herrbullermann | Megapixl.com
Meanwhile, SkyCity said that it takes its anti-money laundering responsibilities and obligations very seriously. The company said that it would fully cooperate with AUSTRAC in relation to these inquiries and with the probe of SkyCity Adelaide.
On Friday, 4 June 2021, the shares closed at AU$3.40, up 2.10% against the previous closing on Thursday, 1 June 2021. SkyCity competes with Treasury Wine Estates Ltd (ASX:TWE) and Metcash Ltd (ASX:MTS, Woolworths Group Ltd (ASX:WOW), Coles Group Ltd (ASX:COL), among others in the consumer sector.