Australias financial regulator is closely examining Entain, a prominent gaming corporation, to determine if the company has adhered to regulations designed to combat money laundering and the funding of terrorism. This inquiry carries significant weight and follows a series of comparable actions undertaken by Australian authorities.
AUSTRAC, the agency spearheading the investigation, has emphasized the gravity of the situation, stating that businesses operating in this sector bear a substantial responsibility to assist in the fight against organized crime and cannot afford to take shortcuts.
Although specific details remain confidential at present, AUSTRAC possesses a comprehensive range of tools and authority to address companies found to be non-compliant. This investigation may represent only the initial phase, as AUSTRAC is extending its scrutiny to encompass other entities within the industry.
Notably, this development in Australia emerges shortly after Entain faced comparable scrutiny in the UK, suggesting that the company is currently under intense observation from multiple jurisdictions.
Amuse, a prominent gaming provider in Britain, is confronting a substantial penalty of £17 million (roughly $20 million USD). This follows the UK Gambling Authority’s discovery of severe shortcomings in the firm’s ethical conduct and financial crime prevention protocols. The Authority’s director, Andrew Rhodes, stressed the seriousness of the matter, declaring it their most significant enforcement measure thus far.
Internationally, in Australia, another gaming behemoth, Star Entertainment Group, is encountering its own difficulties. Suspense is mounting as the publication date for the Bell Report, which scrutinized Star’s activities, approaches. The corporation has even taken the step of briefly suspending trading of its shares, a strong sign of the possible repercussions stemming from the report.
