/ 08 June 2021

Cracking the whip on money laundering

The financial crimes regulator yesterday hit the National Australia Bank, casino giant Crown Resorts, its would-be merger partner Star Entertainment, and Kiwi casino operator SkyCity Entertainment with a series of enforcement investigations. The quartet could face multi-million-dollar penalties for potential breaches of anti-money laundering laws. For the bank’s part, it’s invested $800 million trying to fix its non-compliance issues that AUSTRAC has previously identified. Still, it’s staring down penalties just like the Commonwealth Bank and Westpac have previously copped. Meanwhile, the Royal Commission into Crown’s casino in Melbourne yesterday heard the company avoided paying almost $200 million in tax to the Victorian Government over the past 7 years. The developments put a dampener on the 4 companies’ share prices and the broader share market, which was down after reaching record highs last week.

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