quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

Queensland Launches New Inquiry into Star Entertainment’s Money Laundering Controls

n-img-queensland

Queensland initiates a new investigation to examine the money laundering controls of the Gambling giants, Star Entertainment

Star Entertainment’s money laundering procedures will be put to the test. As part of a new inquiry to look into the claims of encouraging the banned people from other casinos to travel to Queensland.

On Tuesday, a public hearing to determine whether the Star was qualified to have a casino licence commenced in Brisbane state. Attorneys for Jonathan Horton, Queen’s Counsel, said that the question of money laundering will be a key consideration.

The subject is handled by Star on a group level, although Queensland-specific issues have been raised, it was disclosed at the hearing. It will focus on those who are singled out by law enforcement in other jurisdictions because they may be involved in criminal behaviour.

Mr Horton told the hearing, “There’s the issue of some persons being actively encouraged to come to Queensland, and being given benefits to do so even though, and this might be an understatement, red flags existed.”

Investigations into how ChinaUnion Pay accounts are used for gambling despite the limits on currency transfers are also expected to be part of the probe.

The main contention is that clients may use funds from their ChinaUnion Pay accounts to credit their hotel room accounts.  It said that a customer would bring a receipt to the hotel cage with a VIP host in order to exchange it for cash or chips.

When the casino’s banker, National Australia Bank, inquired about the matter, the hearing was heard that none of Star’s explanations made it clear that the money was intended for gambling. According to available data, this method was used to transact business in Star Queensland casinos up until March 2020, when it was discontinued.

Mr Horton claims that the figure is 10% of what happened in Star’s NSW operation. A preliminary report has been provided to Star as a result of questions made by Queensland’s gaming regulator. This week, the group’s staff will present the investigation; the findings will then be debated.

On Friday, the hearing is expected to be presided over by Geoff Hogg, the temporary chief executive officer of Star Entertainment. A group is planning to build a $3.6 billion resort and casino that will start in 2023 near Brisbane’s Queen’s Wharf.

According to the news from the Australian Associated Press, the review will deliver by the 30th of September to the Attorney General.

Suggested Read: NSW Gambling Laws Increase Risks of Money Laundering, Says the State’s Crime Commission

Related Posts

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

UK Parliament Legislates New Digital Identity Verification Services Bill Taiwan and Singapore St...

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Read More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

At the same time, trade bodies and digital identity service providers have consulted with the gov...

UK Parliament Legislates New Digital Identity Verification Services Bill Read More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

According to the recently passed amendments, overseas crypto platforms are obliged to set up loca...

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Read More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

For the CSPs, the law mandates that they must ensure that the arranged nominees are “fit and prop...

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Read More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

In addition to these shortcomings, the watchdog discovered that the country’s banking, constructi...

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Read More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

These suspicious transactions amounted to more than $300 million and were conducted between 2002 ...

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Read More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Mohammad Shahid Ahmed, the Chief of Staff at NFIU, has been appointed as the Vice Chairman of the...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Read More

News

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

In addition to this, the spokesperson also stated that the company failed to comply with due dili...

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Read More

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

UK Parliament Legislates New Digital Identity Verification Services Bill Taiwan and Singapore St...

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Read More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

At the same time, trade bodies and digital identity service providers have consulted with the gov...

UK Parliament Legislates New Digital Identity Verification Services Bill Read More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

According to the recently passed amendments, overseas crypto platforms are obliged to set up loca...

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Read More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

For the CSPs, the law mandates that they must ensure that the arranged nominees are “fit and prop...

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Read More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

In addition to these shortcomings, the watchdog discovered that the country’s banking, constructi...

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Read More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

These suspicious transactions amounted to more than $300 million and were conducted between 2002 ...

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Read More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Mohammad Shahid Ahmed, the Chief of Staff at NFIU, has been appointed as the Vice Chairman of the...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Read More

News

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

In addition to this, the spokesperson also stated that the company failed to comply with due dili...

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Read More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started