Entain Investigated by Australia’s Financial Watchdog

The Australian Transaction Reports and Analysis Centre (AUSTRAC) which is the financial crimes regulator said it has started an investigation into Entain and its businesses in the country to ensure the company is complying with anti-money laundering regulations.

In the announcement the watchdog said the investigation is part of a wider supervisory campaign to ensure the whole bookmaking industry is complying with all financial regulations within Australia.

AUSTRAC chief executive Nicole Rose said in an open statement: “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.”

Entain and its Ladbrokes Australia brand along with other entities represent a sixth of all the sports betting business in the country but is dwarfed by UK rival Flutter Entertainment which operates Sportsbet.

It is not known if the investigation in Australia has any link to Entain being fined £17 million last month for failings in anti-money laundering and responsible gambling protection in the UK.

In response to the announcement an Entain spokesperson said “the company was cooperating with the investigation.”