Skycity shares jump after AUSTRAC update
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More news: Skycity shares have surged more than 6% after the casino operator posted an update to its Austrac proceedings, indicating two parties had come to an agreement. Skycity has increased the amount it is setting aside for the penalty from $45 million to $73 million.
SkyCity faces June penalty hearing in Austrac money-laundering lawsuit
The news: SkyCity and financial crime watchdog Austrac will appear before the Federal Court of Australia in June to propose a jointly agreed penalty for the casino operator in its money-laundering and counter-terrorism financing legal battle.
The numbers: While the size of the penalty wasn't discussed in this morning's hearing before Judge Michael Lee, SkyCity revised up its provision for a civil penalty in December, from $45 million to $73 million.
The context: The lawsuit was announced in 2022, following a 2021 investigation by Austrac, which found "systemic failures" in SkyCity's anti-money laundering and counter terrorism financing obligations. In a wave of enforcement on AML/CTF obligations, the regulator sued SkyCity, Crown Resorts and Star Entertainment.
The source: SkyCity ASX announcement
