SkyCity Entertainment Group, a gaming operator from New Zealand and Australia, has announced it will settle with New Zealand authorities over violations of money laundering and counter-terrorism financing laws. The company has agreed to pay a civil penalty of $2.54 million.
The settlement is pending approval by the New Zealand High Court, and SkyCity intends to seek a hearing "at the earliest opportunity." The penalties stem from "deficiencies in SkyCity's risk assessment and anti-money laundering and counter-terrorism financing program that were not fully remedied by July 2021," according to New Zealand authorities.
The violations in question occurred between 2018 and 2023 and primarily concern historical matters, although not exclusively. In a related matter, Australian authorities initiated proceedings against SkyCity Adelaide in 2022, alleging significant and systematic failures to comply with anti-money laundering and counter-terrorism financing laws.
