AustraliaNews.com.au

The Star casino slapped with $260m for breaching anti-money laundering laws

The Star casino has been fined $260 million by the Federal Court for more than 1500 breaches of anti-money laundering laws, potentially pushing it into liquidation.

The Star casino has been slugged with a $260m fine by the Federal Court for breaching anti-money laundering laws, putting it at the brink of collapse.

The Long Sip
What happened

The Federal Court fined The Star casino $260 million after AUSTRAC proved it breached anti-money laundering laws on more than 1500 occasions.

The detail

The Star had warned a fine above $100 million could send it into liquidation, and the judge said the company put profit over compliance on a large scale.

What it means

The Star must pay the fine within 19 months and cover AUSTRAC's legal costs, with its future now deeply uncertain despite a $300 million rescue package approved last year.

Full story at News.com.au

What readers are saying

AuntyAmir
Justice Moore noted that high-risk and excluded individuals were actively encouraged to attend despite senior management being aware of the risks. Shareholders should look closely at the conditions of the 300 million dollar rescue package from Bally's Corp and the Mathieson family to see if it accounts for such specific failures.
OldLin
The decision to allow 19 months for the fine to be paid is a significant concession given that Star claimed any penalty over 100 million dollars would lead to liquidation. It is also telling that the Sydney operation carries three times the financial penalty of the Queensland sites, reflecting where the most egregious monitoring failures occurred.
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