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Author: Admin | 2025-04-28
(iv) did not have a transaction monitoring program to monitor transactions and identify suspicious activity; and (v) did not conduct appropriate ongoing and enhanced customer due diligence on customers who presented higher money-laundering risks. AUSTRAC is seeking declarations of contravention and civil penalties. The proceedings against the Star Entities are only the fifth civil penalty proceedings commenced by AUSTRAC for contraventions of the AML/CTF Act. AUSTRAC's Originating Application and Concise Statement can be found here.Further, on 13 December 2022, ASIC commenced civil penalty proceedings in the Federal Court of Australia against 11 current and former directors and officers of The Star Entertainment Group Limited ("Star Group") (including the former and current Chair of the Board, former Managing Director and CEO, former CFO, former Chief Casino Officer and former Company Secretary and Group General Counsel) for alleged breaches of their duties of care and diligence under s 180 of the Corporations Act. In respect of the current and former directors, ASIC alleges they breached their duties by: (i) failing to make inquiries into whether Star should be dealing with certain individuals with reported criminal links when considering the expansion of Star's relationship with those individuals; and (ii) failing to take steps to make further enquiries of management when presented with information about AML/CTF risks. In respect of the former officers (including the former Company Secretary and General Counsel), ASIC alleges they breached their duties by: (i) not adequately addressing the AML/CTF risks that arose from dealing with Asian gambling junket Suncity and its funder, as well as continuing to deal with them despite becoming aware of reports of criminal links; and (ii) not appropriately escalating AML/CTF issues to the board. ASIC is seeking declarations, pecuniary penalties and disqualification orders. ASIC's Originating Application and Concise Statement can be found here.ASIC Commences Civil Penalty Proceedings for Unlicensed Issuance of Crypto ProductsOn 23 November 2022, ASIC commenced civil penalty proceedings in the Federal Court of Australia against Block Earner, a digital currency exchange, alleging it provided unlicensed financial services in relation to its crypto-asset based products and that it operated an unregistered managed investment
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