AUSTRAC starts proceedings against SkyCity Casino in Adelaide
AUSTRAC, Australia’s financial crime regulator has commenced civil proceedings against an Adelaide casino run by SkyCity Entertainment Group. SkyCity, is accused by the regulator of breaching anti-money laundering and counter-terrorism financing laws after failing to conduct appropriate due diligence on its customers.
Casino operators in Australia have come under increasing scrutiny of late and are accused of non-compliance with AML laws and poor governance.
The Council of European Union is set to tighten AML regulations around cash limit and crypto assets
The Council of the European Union has agreed on new EU wide regulations designed to tackle money laundering and terrorist finances. A maximum limit of €10,000 is set for cash payments, individual member states will be able to impose a lower limit if they wish to.
Intermediaries, those trading in precious metals, stones and cultural goods will also be obliged to comply with the new regulations.
Hong Kong introduces regulatory framework for virtual assets
In an amendment to the Anti-Money Laundering & Counter-Terrorist Financing Bill 2022, Hong Kong has introduced legislation designed to regulate businesses who engage in virtual assets. The measures include requirements to conduct due diligence, records keeping, investor protection and safe custody of assets. The law will come into effect in June of 2023.
