NZ's SkyCity Entertainment unit to pay $2.5 mln to settle money laundering case (updated)

Skycity Entertainment

20/05/2024 22:26

(Adds details and background in paragraphs 2-4, executive
comment in paragraphs 5-6)
       May 21 (Reuters) - SkyCity Entertainment  SKC.NZ  said
on Tuesday its unit had agreed to pay NZ$4.16 million ($2.54
million) as penalty to settle the civil proceedings filed
against it by New Zealand's Department of Internal Affairs (DIA)
for breaching anti-money laundering laws.
    The proceedings  against Skycity Casino Management (SCML),
which holds the company's licence for casinos in Auckland,
Hamilton and Queenstown, began in February. 
    Under the agreement with the DIA, SCML admitted it has
breached its obligations under the New Zealand Anti-Money
Laundering and Countering Financing of Terrorism Act between
2018 and 2023.
    Last week, the operator of SkyCity's Adelaide casino also
agreed to pay A$67 million ($44.68 million) as penalty to
resolve anti-money laundering proceedings brought against it by
the Australian financial crimes regulator.
    "Over the past few years, considerable progress has been
made towards upgrading our anti-money laundering and countering
terrorism financing systems," SkyCity Executive Chair Julian
Cook said.
    "This does not lessen the seriousness with which we take
these breaches and we are disappointed that SkyCity is in this
position," he said.
    SkyCity said it was working to resolving other pending
matters such as the temporary suspension of SCML's casino
operator license. 

        
($1 = 1.6380 New Zealand dollars)


($1 = 1.4995 Australian dollars)

 (Reporting by Sneha Kumar)
 ((Sneha.Kumar@thomsonreuters.com;))