Ladbrokes owner Entain faces AUSTRAC investigation leading to potential million-dollar penalty

The fine is being taken into consideration after an extensive supervisory campaign was launched assessing entities in the corporate bookmakers’ section

Due to anti-money laundering (AML) and counter-terrorism funding (CTF) concerns, the Australian Transaction Reports and Analysis Centre (Austrac) has opened an enforcement inquiry against Entain and warned that it may also look into other operators.

Less than a month after Entain, a company listed on the London Stock Exchange, was fined $28 million as a result of a comparable UK-based investigation, the AUSTRAC probe might result in $22 million in fines and other regulations for Ladbrokes.

The head of the UK Gambling Commission, Andrew Rhodes, stated that the prior inquiry had shown “serious failures” and the fine was the watchdog’s highest to date.

“There were completely unacceptable anti-money laundering and safer gambling failures. Operators are reminded they must never place commercial considerations over compliance.”

Whether or not Entain has complied with its anti-money laundering and counterterrorism financing duties is now a factor for the Australian investigation to assess.

In order to fight serious crime, Nicole Rose, CEO of Austrac, stated that all enterprises, including those in the gaming industry, must adhere to AML and CTF rules, stating “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.”

Other areas of focus in this sector may result from AUSTRAC’s supervisory campaign with the corporate bookmakers sector.

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