Australia’s financial crimes watchdog AUSTRAC says it has commenced an enforcement investigation into British gaming giant Entain Group Pty Ltd, which runs sportsbooks Ladbrokes and Neds in the Australian market, to determine whether the company has complied with its anti-money laundering obligations.
The investigation mirrors similar action recently undertaken in its home country, where the UK Gambling Commission last month ordered Entain to pay £17 million (US$20 million) for social responsibility and anti-money laundering failures at its online and land-based businesses.
The company could face fines of AU$22 million (US$15 million) if found to have committed the same failures on Australian soil.
“Reporting entities have a responsibility to ensure they identify, assess and manage risks of money laundering and terrorism financing, develop adequate processes and devote the necessary resources to comply with their AML/CTF obligations” said AUSTRAC CEO Nicole Rose.
AUSTRAC’s investigation into Entain follows an extensive supervisory campaign that assessed entities within the corporate bookmaker sector, the agency explained, adding it will “not hesitate to take action where suspected non-compliance is identified.”
It also noted that its campaign on corporate bookmakers may lead to other areas of focus in the sector.
