SkyCity Entertainment Group's NZ AML/CFT penalty finalised

SkyCity Entertainment Group Limited (ASX:SKC) has been imposed a civil penalty of NZ$4.16 million by the High Court for historic breaches of the New Zealand Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The penalty was imposed on SkyCity Casino Management Limited (SCML), the operator of SkyCity's New Zealand casinos, bringing the Department of Internal Affairs' civil proceedings to an end.

Executive Commentary on AML/CFT Penalty

SkyCity's Chief Executive Officer Jason Walbridge acknowledged the responsibility of the casino operator to combat money laundering and terrorism financing. He stated, 'SkyCity is aware that, as a casino operator, we have a responsibility to combat money laundering and terrorism financing. This is a responsibility we take very seriously. We will continue to upgrade our anti-money laundering and counter-terrorism financing systems to ensure we meet both our regulatory obligations and the expectations of the communities in which we operate.'

Summary of NZ AML/CFT Penalty Finalisation

The High Court has imposed a civil penalty of NZ$4.16 million against SkyCity Casino Management Limited (SCML), the operator of SkyCity's New Zealand casinos, for historic breaches of the New Zealand Anti-Money Laundering and Countering Financing of Terrorism Act 2009. SkyCity has accepted responsibility for the failings and issued an apology earlier this year. The company's Chief Executive Officer, Jason Walbridge, emphasized the seriousness with which they take their responsibility to combat money laundering and terrorism financing. SkyCity will continue to upgrade its anti-money laundering and counter-terrorism financing systems to meet regulatory obligations and community expectations.