Australias financial watchdog, AUSTRAC, has initiated a probe into Entain Group, a prominent gaming corporation. Their inquiry centers around Entain’s adherence to regulations aimed at curbing money laundering and the funding of terrorism. This action unfolds amidst a wider effort to combat financial misconduct within the corporate wagering industry.
The head of AUSTRAC stressed that all entities under their purview must prioritize their responsibility in tackling serious offenses. These businesses are mandated to comprehend the hazards, implement appropriate safeguards, and allocate sufficient means to actively counter money laundering and terrorism financing.
Although the investigation remains underway with limited information available, AUSTRAC emphasized their possession of diverse tools and authority. They will not shy away from taking measures if they uncover illicit activities.
Furthermore, this scrutiny is not confined to Entain alone. AUSTRAC is examining numerous actors within the corporate betting sphere, suggesting this investigation might be the beginning of a larger trend. Notably, this development follows recent regulatory scrutiny faced by Entain in the United Kingdom.
The United Kingdom’s Gambling Commission imposed a substantial £17 million penalty (approximately $20 million) on Entain, a major online gambling operator. The company apparently exhibited significant shortcomings in its responsible gaming protocols and anti-money laundering measures.
Andrew Rhodes, the Commission’s Chief Executive, was blunt in his assessment, stating that their inquiry revealed “grave systemic deficiencies” that resulted in this unprecedented sanction.
Concurrently, in Australia, Star Casino temporarily suspended trading of its shares as the release of the much-awaited Bell Report draws near.
