SkyCity Entertainment is taking significant steps to enhance its Anti-Money Laundering (AML) measures, as announced by Carolyn Kidd, the Chief Risk Officer (CRO). These efforts aim to prevent criminals from exploiting SkyCity’s facilities for money laundering activities.
SkyCity Entertainment Implements New AML Measures to Combat Money Laundering
Background and Penalties
The move comes after SkyCity’s Adelaide business faced a substantial penalty of AU$67 million (US$44 million) imposed by the Federal Court for AML and Counter-Terrorism Financing (CTF) violations. Additionally, SkyCity’s New Zealand Casino Management could face a civil penalty of NZ$4.16 million (US$2.54 million) for historical non-compliance with the New Zealand Anti-Money Laundering and Countering Financing of Terrorism Act 2009. Kidd referred to these incidents as “an expensive lesson.”
Commitment to Improvement
Expressing the company’s commitment to improvement, Kidd stated, “We’re determined to make sure that we continue to get better and be better to keep criminals out. We do not want them coming into our casinos.”
Enhanced AML Measures
SkyCity is ramping up its efforts by employing more than 100 specialists in risk, financial crime, and host responsibility. Among the new measures being implemented are enhancements to facial recognition technology and the introduction of mandatory carded-play across all casinos by mid-2025. This mandatory carded-play system will ensure that the company can monitor and understand patrons’ identities, sources of wealth, and fund origins, facilitating better oversight of activities across their casinos.
Technological Advancements
Kidd highlighted the role of technology in these initiatives: “Enhancement to facial recognition technology was also underway, but the biggest single measure was introducing mandatory carded-play across casinos by mid-2025. That means we know who you are, we understand where your source of wealth and your source of funds is, and we can monitor that activity, you know, across our casinos.”
Partnership with Gentoo Media
In a recent development, SkyCity has partnered with Gentoo Media, formerly known as GiG Media, to utilize its GiG Comply tool. This tool will help monitor SkyCity’s affiliates, ensuring compliance and further strengthening the company’s AML efforts.
Conclusion: The Approach
SkyCity Entertainment’s proactive approach to enhancing its AML measures demonstrates its commitment to maintaining the integrity of its operations and preventing criminal activities. By investing in technology and specialized personnel, the company aims to create a safer and more secure environment for its patrons. This strategic move not only addresses past shortcomings but also positions SkyCity as a responsible leader in the gaming industry.
FAQs About the SkyCity Entertainment’s New AML Measures
1. What new measures is SkyCity Entertainment implementing to combat money laundering?
SkyCity is enhancing its AML measures by employing over 100 specialists in risk, financial crime, and host responsibility, upgrading facial recognition technology, and introducing mandatory carded-play across all casinos by mid-2025.
2. Why is SkyCity implementing these new AML measures?
SkyCity is implementing these measures to prevent criminals from using its facilities for money laundering, following significant penalties for AML and Counter-Terrorism Financing (CTF) violations in Australia and New Zealand.
3. What penalties has SkyCity faced for AML/CTF violations?
SkyCity’s Adelaide business was fined AU$67 million (US$44 million) by the Federal Court, and its New Zealand Casino Management might face a civil penalty of NZ$4.16 million (US$2.54 million) for historical non-compliance with the New Zealand Anti-Money Laundering and Countering Financing of Terrorism Act 2009.
4. What is the purpose of the mandatory carded-play system being introduced?
The mandatory carded-play system will ensure that SkyCity can monitor and understand patrons’ identities, sources of wealth, and fund origins, facilitating better oversight of activities across their casinos.
5. When will the mandatory carded-play system be implemented?
The mandatory carded-play system will be introduced across all SkyCity casinos by mid-2025.
6. How is technology being used to enhance SkyCity’s AML measures?
SkyCity is upgrading its facial recognition technology and has partnered with Gentoo Media to use the GiG Comply tool to monitor affiliates and ensure compliance.
7. Who is SkyCity partnering with to enhance their AML efforts?
SkyCity has partnered with Gentoo Media, formerly known as GiG Media, to utilize its GiG Comply tool for monitoring affiliates.
8. What did Carolyn Kidd, CRO of SkyCity, say about the new AML measures?
Carolyn Kidd emphasized the company’s commitment to improvement, stating, “We’re determined to make sure that we continue to get better and be better to keep criminals out. We do not want them coming into our casinos.”
9. What is the significance of the penalties SkyCity has faced?
The penalties highlight the importance of strict compliance with AML/CTF regulations and have served as an “expensive lesson” for SkyCity, underscoring the need for robust AML measures.
10. How will the new AML measures affect SkyCity’s operations?
The new measures will enhance SkyCity’s ability to monitor and prevent money laundering activities, ensuring a safer environment for patrons and aligning with regulatory compliance requirements.
