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AML: Not a Concern for Banks Only

AML: Not a Concern for Banks Only

by Starling Insights

Starling Insights Editorial Board

Jun 14, 2021


Australian regulator, AUSTRAC — a money-laundering watchdog — has acted in recent weeks to challenge related risk management failures at a number of firms.  Notably, not all are in the banking sector.  Along with National Australia Bank, Crown Perth, Star Sydney and SkyCity Adelaide casinos are also facing possible multi-million-dollar penalties for potential breaches of anti-money laundering laws.

NAB and casino operators Crown, SkyCity and Star Entertainment Group told investors they had been referred to AUSTRAC's enforcement team following potential "serious non-compliance" with anti-money laundering and counter-terrorism financing laws. AUSTRAC is the federal financial regulator tasked with preventing organized criminals and terrorists from using banks and other regulated companies that handle money.

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