Business · Companies · 3 hrs ago

Star Entertainment fined A$260 million over money laundering violations

Star Entertainment fined A$260 million over money laundering violations

Australia's Federal Court fined Star Entertainment A$260 million for historical money laundering violations.

The company operates casinos in Sydney and the Gold Coast and runs one in Brisbane.

AUSTRAC launched legal action in 2022, alleging Star failed to address money laundering risks linked to its dealings with gambling junket Suncity and its funder.

The agency also said Star continued dealing with them after learning of reports of criminal links.

Star argued that a penalty above A$100 million could force it into liquidation, while AUSTRAC sought A$400 million.

The judge set the penalty between those amounts, saying Star's proposed figure was too low and AUSTRAC's too high.

Star must pay in four instalments over 19 months.

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What people are saying

Cameron MooreFederal Court judge
In effect, Star put profit over compliance and did so on a large scale
via SMH
the $100 million penalty sought by Star was too low, but the $400 million penalty sought by AUSTRAC was too high
via ABC Australia
Soo KimStar chairman
we look forward to seeing the process play out and ultimately dealing with whatever the ramifications are and moving on.
via SMH