As authorities closed in on money laundering in the hospitality industry,the pubs lobby struck a deal with an online bookmaker in the crosshairs of an AUSTRAC investigation.
Two of the biggest bookmakers in Australia may face multimillion-dollar fines and severe regulatory interventions following an audit authorised by Australia’s financial crime watchdog.
Australia’s financial crimes watchdog will investigate if the gambling giant has complied with its anti-money laundering and counterterrorism financing obligations.
The interim head of Star Entertainment has also told a parliamentary committee the company had not been fined for regulatory breaches in the past five years,as an inquiry into its state operations readies to begin.
If Australia does not extend anti-money laundering laws to secondary professions,such as lawyers and accountants,then experts say money laundering will continue to thrive.
The chief executive of financial intelligence agency Austrac,Nicole Rose,has rejected criticism it was overly focused on banks.
NAB has accepted a court-enforceable undertaking to improve operations across the bank to ensure compliance with anti-money laundering and counter-terrorism laws.
A top lawyer at The Star Entertainment Group has denied she sought to “cloak” a report in legal professional privilege to avoid giving it to a regulator.
The Star’s CEO Matt Bekier rejected a KPMG audit before the casino re-hired its authors in an attempt to water down their damning findings.
Australia’s financial system crime detection unit,AUSTRAC,will hand down the financial pain the scandal ridden casino must endure for its poor compliance practices.
The financial crimes watchdog has ordered external auditors to look into concerns the stockbroker may not be complying with anti-money laundering laws.