AUSTRAC Commences Investigation into Entain Group Pty Ltd.

September 13, 2022 | Financial

SYDNEY, NSW (September 12, 2022) — 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.

As the investigation is ongoing, AUSTRAC is unable to comment any further at this time.

AUSTRAC overview

AUSTRAC (Australian Transaction Reports and Analysis Centre) is the Australian Government agency responsible for detecting, deterring and disrupting criminal abuse of the financial system to protect the community from serious and organised crime.

Through strong regulation, and enhanced intelligence capabilities, AUSTRAC collects and analyses financial reports and information to generate financial intelligence. This vital information about potential criminals and criminal activity contributes to our national security and law enforcement investigations

For more than 30 years, AUSTRAC has been evolving to address the challenges in a financial system that is rapidly changing and targeted by criminals in complex ways.

Today, AUSTRAC finds itself working in a disrupted financial landscape, with new and emerging technologies changing the way financial services are delivered, in an increasingly globalised economy. These disruptions have created significant changes in the sector and AUSTRAC has adapted to these shifts in how it regulates businesses to disrupt financial crime to protect the community.

As criminals become more sophisticated and develop new ways to exploit vulnerabilities in the Australian financial system, we will continue to evolve and deepen how we work with our reporting population and partners. This is enabled by our highly collaborative approach and specialist work force.

In addition, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry highlighted the importance of agencies such as AUSTRAC in providing oversight of the financial sector, and supporting entities in meeting their regulatory obligations.

SOURCE: Australian Transaction Reports and Analysis Centre (AUSTRAC).


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