Australia’s Star Entertainment Accepts $183.6 Million Anti-Money Laundering Penalty
The penalty stems from a 2022 civil case over anti-money laundering and counter-terrorism financing failures, and Star says it can still operate.
- On Thursday, Star Entertainment accepted a court-imposed penalty of A$260 million for breaching anti-money laundering and counter-terrorism financing laws, stating the payment would not affect its ability to continue as a going concern.
- Stemming from a 2022 civil lawsuit brought by the Australian Transaction Reports and Analysis Centre , the penalty splits the difference between the A$100 million Star argued for and the A$400 million sought by the regulator.
- AUSTRAC chief executive Brendan Thomas called the penalty "a very strong outcome," stating he never believed Star's argument that a fine would send the operator broke and noting the case aimed to make laundering money harder.
- Following the announcement, shares of the casino operator rose 9.6% on Thursday, while Chairman Soo Kim commended the regulator's work, noting the current ownership team had nothing to do with the proceedings that led to the penalty.
- Thomas described the situation as a "corporate disaster," expressing confidence that enforcement action against Star and fellow operator Crown Resorts—which previously agreed to a A$450 million penalty for similar breaches—has achieved positive results.
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Australia’s Star Entertainment accepts $183.6 million anti-money laundering penalty
Oct 29 (Reuters) – Australia’s Star Entertainment said on Thursday it would accept a court-imposed penalty of A$260 million ($183.6 million) for breaching anti-money laundering and counter-terrorism financing laws. The beleaguered casino operator said the payment would not affect its ability to continue as a going concern. • The penalty, to be paid in four installments over 19 months, stems from a civil lawsuit brought by the Australian Tr…
Bally's Australian Subsidiary Fined $183 Million Over Anti-Money Laundering Violations
Australia's Federal Court has ordered Star Entertainment to pay A$260 million after finding systemic anti-money laundering and counter-terrorism financing compliance failures between 2016 and 2022.
Bally’s backs Star Entertainment’s turnaround after $182 million penalty
Bally’s Corporation has backed The Star Entertainment Group’s turnaround efforts after the Federal Court of Australia imposed a A$260 million (US$182.64 million) penalty on the casino operator’s subsidiaries over historical breaches of anti-money laundering and counter-terrorism financing laws. The penalty, payable in four instalments over 19 months, relates to conduct that occurred before Bally’s...
Star Accepts A$260M AUSTRAC Penalty, Flags WhiteHawk Review Event
The Star Entertainment Group has accepted the A$260 million civil penalty imposed in AUSTRAC’s anti-money laundering case, while warning that the size and payment terms of the fine… The post Star accepts A$260M AUSTRAC penalty, flags WhiteHawk facility review event first appeared on Asia Gaming News | AGB - Asia Gaming Brief.
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