The Star Entertainment Group Limited

In October 2022, the NSW Independent Casino Commission suspended The Star Sydney casino licence, imposed a A$100 million fine and appointed an external manager. The action followed the Bell Review, which examined whether The Star was suitable to hold a casino licence and whether it had complied with its legal obligations. The regulator concluded that The Star was not suitable to remain in control of its casino licence. The Commission said the company's board and executives had acknowledged the serious wrongdoing identified by the review. The licence suspension became effective on 21 October 2022, while a regulator-appointed manager took control of casino operations. Source: NSW Independent Casino Commission https://www.nicc.nsw.gov.au/news-and-media-releases/star-casino-licence-suspended Bell Review information https://www.nicc.nsw.gov.au/casino-regulation/2022-bell-review-of-star

In November 2022, AUSTRAC commenced Federal Court civil-penalty proceedings against The Star Pty Limited and The Star Entertainment QLD Limited, entities within The Star Entertainment Group. AUSTRAC alleges serious and systemic failures to comply with Australia's anti-money-laundering and counter-terrorism-financing laws. The regulator alleges deficiencies in risk assessment, transaction monitoring, enhanced customer due diligence, board and senior-management oversight and controls for high-risk customers. AUSTRAC also alleges that customers were permitted to move money through non-transparent payment channels without adequate understanding of the source of funds or the associated money-laundering risks. The proceeding remains before the Federal Court, so these claims should be treated as regulatory allegations rather than final judicial findings. Sources: AUSTRAC https://www.austrac.gov.au/news-and-media/media-release/austrac-commences-proceedings-federal-court-against-star-entertainment-group-entities AUSTRAC enforcement register https://www.austrac.gov.au/about-us/record-our-actions/enforcement-actions-taken