AUSTRAC Chief Defends $260m Star Entertainment Penalty
Australia’s financial crime watchdog AUSTRAC has defended the $260 million penalty imposed on Star Entertainment, with chief executive Brendan Thomas saying he never accepted the casino operator’s argument that a substantial fine would push the company into insolvency. The Federal Court ordered Star to pay the penalty last week, concluding a civil enforcement case that AUSTRAC initiated in 2022 over widespread anti-money laundering (AML) and counter-terrorism financing failures. The amount represents a compromise between the regulator’s request for $400 million […] The post AUSTRAC Chief Defends $260m Star Entertainment Penalty appeared first on World Casino News.
Australia’s financial crime watchdog AUSTRAC has defended the $260 million penalty imposed on Star Entertainment, with chief executive Brendan Thomas saying he never accepted the casino operator’s argument that a substantial fine would push the company into insolvency. The Federal Court ordered Star to pay the penalty last week, concluding a civil enforcement case that AUSTRAC initiated in 2022 over widespread anti-money laundering (AML) and counter-terrorism financing failures. The amount represents a compromise between the regulator’s request for $400 million […]
The post AUSTRAC Chief Defends $260m Star Entertainment Penalty appeared first on World Casino News.
