Australias financial regulator is scrutinizing Entain Group, a prominent gambling company, to ensure compliance with anti-money laundering and counter-terrorism financing regulations. This inquiry follows a wider crackdown by AUSTRAC, the Australian Transaction Reports and Analysis Centre, indicating a concerted effort to hold corporations responsible.
AUSTRAC’s chief stressed that entities under their purview have an obligation to be proactive in combating organized crime. They must actively detect, evaluate, and mitigate risks associated with money laundering and terrorism financing, allocating substantial resources and implementing robust measures.
Although specific details remain undisclosed, AUSTRAC emphasized their possession of a variety of tools and authorities, which they will not hesitate to employ if misconduct is discovered. This investigation could be just the beginning, as AUSTRAC suggested that other firms within the corporate bookmaking industry are also under examination.
Notably, this Australian investigation comes shortly after regulatory actions were taken against Entain in the UK in August.
The United Kingdom’s Gambling Commission imposed a significant £17 million penalty (approximately $20 million) on Entain. Apparently, they failed in their obligations related to social responsibility and the prevention of money laundering.
Andrew Rhodes, the Commission’s Chief Executive, stated bluntly, “Our investigation revealed several deeply troubling matters. This represents an unprecedented enforcement measure for our organization.”
Concurrently, in Australia, Star Entertainment Group temporarily suspended trading of its stock. This action follows closely behind the release of the highly anticipated Bell report.
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