NZ High Court orders SkyCity to pay $3.81m civil penalty
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The news: The High Court of New Zealand has imposed a civil penalty of NZD4.16 million ($3.81 million) against SkyCity Casino Management, the operator of SkyCity's New Zealand casinos, for historic breaches of anti-money laundering and counter-terrorism financing rules.
The numbers: Under the terms of the settlement agreement with the NZ Department if Internal Affairs, SkyCity Casino Management is required to pay the civil penalty within 15 working days.
SkyCity shares were up 0.6% to $1.26 by 11:30am AEST, having dropped 25% since the start of the year.
The context: Earlier this year, dual-listed SkyCity accepted responsibility and issued an apology for its failings in relation to the case.
In June, SkyCity lowered its earnings expectations and suspended dividends amid looming penalty payments to regulators. This included an anticipated NZD4.16 million fine for breaching New Zealand’s anti-money laundering laws.
What they said: "SkyCity is aware that, as a casino operator, we have a responsibility to combat money laundering and terrorism financing," SkyCity CEO Jason Walbridge said.
"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," he said.
The source: ASX announcement
