The Star Being Investigated For Non-Compliance With Anti-Laundering Laws
NAB, Crown, Sky City Also Investigated
The Star Entertainment Group, who own and operate The Star Sydney in Pyrmont, are under investigation for potentially serious financial noncompliance.
Financial watchdog, the Australian Transaction Reports and Analysis Centre (AUSTRAC), launched the investigation.
The Star told the Australian Securities Exchange (ASX) that AUSTRAC’s Regulatory Operations Team had identified potential breaches of the Anti-Money Laundering and Counter Terrorism Financing Act and its subsequent regulations.
The Act is in place as a measure to ‘detect, deter and disrupt money laundering, the financing of terrorism and other serious financial crimes’.
“The potential noncompliance includes concerns regarding ongoing customer due diligence, adopting and maintaining an [anti-money laundering and counter terrorism financing] program and compliance with Part A of that program,” The Star said.
It comes as several other Australian companies, including NAB, Crown Perth and Sky City, were also referred to the regulatory body for potential breaches.
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