Just weeks after securing an AU$300 million bailout package, Australia’s Star Entertainment Group is fighting to stave off a multi-million fine from AML watchdog AUSTRAC that it says would again bring into question its financial viability.
AUSTRAC’s case against Star headed to the Federal Court this week with the regulator looking to impose a fine of at least AU$400 million, possibly more, for AML and responsible gambling failures outlined across multiple inquiries in the two states in which Star operates.
This, it argued, was not an “oppressive penalty” given the scale of Star’s transgressions with counsel for AUSTRAC Simon White SC describing it as “an appropriate penalty for specific and general deterrence purposes,” according to a report by the Australian Financial Review.
