Australias financial crime regulatory body, AUSTRAC, is probing Star Entertainment Group, a gaming corporation, for possible breaches of anti-money laundering regulations. The inquiry, as covered by Reuters, revolves around worries that Star might have neglected to adequately scrutinize its patrons, especially “whale” VIPs, and brings up concerns regarding the company’s proposed $9.4 billion merger with competing casino conglomerate Crown Resorts.
AUSTRAC initially raised these concerns in 2019, particularly highlighting Star’s Sydney gaming establishment and its management of high-risk patrons from 2015 to 2019. The watchdog is examining whether Star sufficiently confirmed client identities, upheld suitable anti-money laundering protocols, and adhered to mandatory procedures for disclosing questionable transactions.
Star has committed to complete transparency with AUSTRAC’s investigation. This situation introduces further complexity to Star’s bid for Crown Resorts, which is itself entangled in numerous inquiries and a public investigation into its own casino enterprises.
A major Australian gaming corporation, Crown Resorts, faces serious scrutiny amidst claims of illicit financial activities. These charges have triggered multiple inquiries, with regulators debating if Crown should retain its gaming permits. Further complicating the situation, AUSTRAC, the Australian agency tasked with combating financial crimes, is undertaking its own comprehensive investigation into Crown. This encompasses a formal inquiry into their Perth establishment, suspected of contravening anti-money laundering and terrorism financing statutes. It appears Crown is not an isolated case, as SkyCity Entertainment Group, another prominent entity in the Australian casino industry, is also under the microscope for possible infringements of comparable regulations.
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