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New Zealand's SkyCity faces $2.54 million fine over AML violations, enforcer announces

( May 22, 2024, 01:07 GMT | Official Statement) -- MLex Summary: SkyCity Casino Management has admitted to five causes of action by New Zealand’s Department of Internal Affairs in civil proceedings over breaches to the gambling company’s obligations under the country’s 2009 Money Laundering and Countering Financing of Terrorism Act. In a statement, the DIA has said that it will now recommend to New Zealand’s High Court that proceedings move to a penalty hearing, with the parties recommending a fine of NZ$4.16 million ($2.54 million). Between September 2022 and December 2023, the DIA conducted a review of SkyCity’s AML/CFT compliance, which found that the company’ breached its AML legal obligations.The full statement from the New Zealand Department of Internal Affairs follows: ...

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