The investigation could lead to another huge fine

The investigation could lead to another huge fine

Summary:

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has launched an investigation into the business activities of online gambling company Entain. The investigation will determine if or not Entain complied with its obligations according to the Anti-Money Laundering and Counter-Terrorism Financing Act. The fine could be in the range of $21 million to $22 million.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has launched an investigation into the business activities of online gambling company Entain. The company could be fined as much as 2 million dollars.

The investigation is related to an extensive campaign that assessed gambling operators in the sports betting sector, according to the news release. The investigation will determine if or not Entain complied with its obligations according to the Anti-Money Laundering and Counter-Terrorism Financing Act.

Nicole Rose, the Chief Executive Officer of the AUSTRAC, said that all licensed companies must take these obligations seriously.

It is the responsibility of reporting entities 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 anti-money-laundering/counter-terrorism obligations.

The investigation comes a few weeks after the UK Gambling Commission hit Entain with a record fine of £17 million (20.2 million) after an investigation uncovered social responsibility and anti-money laundering failures at its online and land-based businesses.

The company is facing legal action from a former customer who claims that the company failed to protect them from the harms of gambling. According to the customers, staff at Entain’s Coral brand knew that he couldn’t afford to gamble, yet allowed him to incur significant losses.

Tabcorp and Entain are competing for state wagering licenses in Western Australian and Victoria. Tabcorp was unsuccessful in its attempt to be acquired by Entain last year.