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ASIC Launches Civil Procedure Against Executives and Directors of 11 Star Entertainment Casinos

Australia’s corporate regulator has launched legal action against former and current directors and officials of casino operator Star Entertainment Group. The Australian Securities and Investment Commission (ASIC) announced in federal court on Tuesday that it has opened civil proceedings against 11 people involved in the company for failing to manage money laundering risks. 슬롯머신사이트

The Australian Securities and Investment Commission’s allegations refer to Star Entertainment’s board members, including former chairman John O’Neill and former CEO Matthias Beckyer, from 2017 to 2019, which the commission alleges violated its corporate law obligations.

ASIC Vice President Sarah Court said the board members “failed to focus sufficiently on the money laundering and crime-related risks inherent in large casino operations with an international customer base.”

According to ASIC, members of the board of directors approved the company to maintain ongoing relationships with certain individuals known to be related to the crime, posing money laundering risks to the company and failing to take action to prevent such “significant risks” after each notice. ASIC alleges executives have committed “violation of director duty” accordingly.

The ASIC vice-chairman added that regulators will seek regulations, penalties and disqualification orders from the courts for those who are the organization’s top management.

Earlier this year, the NSW Independent Casino Commission fined Star Sydney operations $100 million for money laundering, fraud and links to organised crime. A Queensland branch has also found serious flaws in anti-money laundering procedures.

ASIC also focused on its casino relationship with SunCity, an Asian gambling house that generated $5.9 billion in revenue for the star in 2019. ASIC alleges that group executives Mr Becker, Paula Martin and Greg Hawkins have failed to address the pending money laundering risk to this customer.

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