Austrac says probe ongoing into betting firm Entain Group – iTWire





The Australian Transaction Reports and Analysis Centre, the agency tasked with preventing, detecting and responding to criminal abuse of the financial system, has launched an investigation into sports betting and gaming company Entain Group.
In a statement, Austrac said the investigation came after what it described as “an extensive supervisory campaign that assessed entities within the corporate bookmakers sector”.
The agency said the investigation would focus on whether Entain had complied with its obligations under the AML/CTF Act.
Entain describes itself as “one of the world’s largest sports-betting and gaming groups, operating both online and in the retail sector”.

“Tax resident in the UK, with operations in a total of 31 regulated or regulating territories, the Group employs a workforce of more than 25,000, in 20 offices across five continents,” it says on its website.
Austrac chief executive 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” she said.
Austrac said there was no further comment at the moment as the investigation was continuing.

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.
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