Australia

AUSTRAC Commences Investigation into Entain Group

Published

3 years ago

September 13, 2022

Niji Narayan

Casino Operators Under Scrutiny as AUSTRAC Orders Compliance Audits

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The Australian Transaction Reports and Analysis Centre (AUSTRAC) has commenced an enforcement investigation into Entain Group Pty Ltd. This follows an extensive supervisory campaign that assessed entities within the corporate bookmakers sector. The investigation will focus on whether Entain has complied with its obligations under the AML/CTF Act.

AUSTRAC Chief Executive Officer, Nicole Rose, said all reporting entities including those in the corporate bookmakers sector, must take seriously their role in combatting serious and organised crime.

“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” Ms Rose said.

AUSTRAC has a range of regulatory tools and enforcement powers available to it and will not hesitate to take action where suspected non-compliance is identified.

AUSTRAC’s supervisory campaign with the corporate bookmakers sector may lead to other areas of focus in this sector.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.