An Australian gambling giant has been fined 100 million Australian dollars ($62m, £55m) for failing to prevent money laundering at its Sydney casino. The group’s authorization to run the casino has also been revoked. It was said that the gambling company had a “cavalier” approach to governance and occasionally made conscious attempts to hide its traces, allowing organized crime and money laundering to enter their Sydney casino. At the time, Philip Crawford, head of regulatory affairs, said: “The institutional arrogance of this company has been breathtaking.” The company had previously committed to hiring more security personnel, enhancing surveillance, ending “junkets,” or high-risk international VIP trips, and enacting leadership changes. Executives have already resigned as a result of the incident, including the former CEO. The company has vowed to “do everything in [its] power” to earn back both the public’s trust and its license.

The fine imposed on Monday, October 17, is the maximum allowed. However, the New South Wales Independent Casino Commission refrained from completely revoking the gaming corporation’s license to protect thousands from losing their jobs. The casino will continue to run under the terms of the suspension, with management chosen by the regulator. According to Mr. Crawford, beginning on Friday, October 21, the business would not be able to manage the casino independently until it could “earn” its license back. Australian casino operators have come under intense pressure to overhaul their gambling operations following accusations of extensive criminal activity. In recent years, media investigations have published charges of wrongdoing at numerous casinos in Australia, including those owned by Crown Resorts, the nation’s largest gaming and entertainment company.