Star Entertainment has accepted it was “inappropriate and unacceptable” to withhold adverse KPMG reports about anti-money-laundering controls at its casinos from regulators.
Star Entertainment has accepted it was “inappropriate and unacceptable” to withhold adverse KPMG reports about anti-money-laundering controls at its casinos from regulators, but rejected assertions that management’s hostile reaction to the papers was symbolic of wider cultural issues.
“It was inappropriate and unacceptable. AUSTRAC should have been notified of the reports immediately,” Kate Richardson said. Ms Richardson argued Mr Bekier’s initial reaction was explained through the context of the situation: management did not have adequate time to read and respond to the report because of a departure from usual practice in commissioning it. It came as a shock to him because previous reports had assured that Star had good anti-money-laundering systems.
Mr Bell asked whether Star accepted the reaction to the KPMG reports was “indicative of a cultural issue, in the sense that the board in general and the managing director, in particular, was sending a message that bad news wasn’t welcome”.“[It] was not in ordinary process where there is a full report presented with management’s response. So, the board didn’t receive the full report, and so in our submission there could be no inference to be found in its reaction to that first meeting.
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