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Entain faces a lawsuit over AML breaches
Entain, operator of Ladbrokes, Neds, and other betting platforms, faces a civil penalty in Australia’s Federal Court over “serious and systemic” breaches of anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
This legal action is the first one in history that targets an online betting company for such proceedings. According to AUSTRAC, Entain failed to develop and maintain a compliant AML/CTF program. Moreover, AUSTRAC also claims that Entain lacks the oversight of controlling and verifying customer identities.
Austrac CEO Brendan Thomas said:
“The online betting sector, and all other businesses regulated by Austrac, must take their AML/CTF obligations seriously. This includes ensuring they have appropriate procedures to know who their customer is, even when they rely on third parties to process transactions.”
The regulator claims Entain operated its betting sites 24/7, creating constant exposure to financial crime risks.
Entain CEO Isaacs commented:
“We have cooperated fully with AUSTRAC throughout its investigation, and we are implementing further enhancements to Entain Australia’s AML and CTF compliance arrangements. Whilst we still have some further improvements to make, we expect these to be implemented in line with the plan we communicated to AUSTRAC in 2023. We are committed to keeping financial crime out of gambling and continue to play our part in supporting a well-regulated and compliant sector for our customers, stakeholders, and the wider community.”
This legal action is part of AUSTRAC’s broader strategy to combat illegal gambling. Recently, $450M and $63M penalties were issued against Crown and SkyCity, respectively.
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