The Australian Transaction Reports and Analysis Centre (AUSTRAC) Monday announced an investigation into Entain Group Pty Ltd (Entain) to review compliance with Australian laws. AUSTRAC is the Australian agency “responsible for detecting, deterring and disrupting criminal abuse of the financial system.” This agency has the aim to stop organised and serious financial crime.
Entain’s website describes the company as “one of the world’s largest sports betting and gaming groups operating in the online and retail sector.” The company’s brands include Ladbrokes, Sportingbet and Neds.
AUSTRAC’s release states that the agency will focus on reviewing Entain’s compliance with the Anti-Money Laundering and Counter Terrorism Financing Act of 2006. AUSTRAC is investigating Entain to ensure the company is upholding the legal obligation to report entities that participate in specific transactions and suspected financial crimes. AUSTRAC “will not hesitate to take action where suspected non-compliance is identified.” If non-compliance is found, Entain could face up to 100,000 civil penalty units totalling $22,200,000 AUD ($15,031,842 USD) and other enforceable actions.