Star Casinos (Australia) is under investigation for AML breaches

Another business is under investigation for alleged breaches of AML Regulations. This time the regulators’ attention is on Star casinos.

Casinos, as any other entity, are subject to anti-money-laundering regulations that require monitoring and reporting all money-laundering risks. However, according to AUSTRAC, Star casinos allowed for “serious and systemic” breaches to happen, due to the lack of appropriate monitoring capabilities and failure to “invest in appropriate automated solutions.”

AUSTRAC’s statement argues that “in the absence of appropriate controls, Star Sydney and Star Qld provided designated services to high-risk customers in circumstances where concerns should have been raised as to the legitimacy of their source of wealth or source of funds.”

AUSTRAC is known to impose considerable fines for non-compliance to AML regulations. In 2018 it fined the Commonwealth Bank with a $700 million in penalties for breaching the AML and CTF regulations. In 2020 Wespac was fined a record $1.3 billion penalty for the failure “to implement effective transaction monitoring programs, and its failure to submit IFTI reports to AUSTRAC and apply enhanced customer due diligence in relation to suspicious transactions…”

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#austrac #aml #financialcrime #fincom #starcasinos #regulations

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