‘Profit over compliance’: Star hit with $260m fine for money laundering breaches
Star Entertainment has been fined $260 million by a Federal Court for significant anti-money laundering and counter-terrorism financing breaches. Chairman Soo Kim stated the company can pay the fine without needing to raise additional capital, despite previous concerns about its financial viability.
Why it matters
This ruling underscores the regulatory crackdown on corporate compliance failures within the gambling industry and the financial consequences of prioritizing profit over legal obligations.
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Share A A A Soo Kim, Star Entertainment’s chairman and largest shareholder, said the casino operator could afford to pay a $260 million fine handed down on Wednesday after a Federal Court judge found it broke anti-money laundering and counter-terrorism financing laws.
In a break from previous statements by the company, Kim said Star will not require additional financing or share sales to meet the payment instalments ordered by the court. Star had argued in court last year that it might not be able to pay a fine of more than $100 million.
Headlinne story · 3 newsrooms
Federal Court Fines the Star Entertainment Group 260 Million Dollars
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