Australian financial crimes regulator to investigate British sports betting company Entain in relation to counter-terrorism financing laws

The Australian financial crimes regulator has announced that it has opened an investigation into British sports betting company Entain to investigate whether it was complying with anti-money laundering and counter-terrorism financing laws.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) explained that it had begun the enforcement investigation after an extensive supervisory campaign covering the whole corporate bookmaking sector.

AUSTRAC chief executive officer Nicole Rose said in a 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."

In Australia, as around the world, online betting has taken off since the start of the pandemic. Entain counts for around one-sixth of Australia's online betting market thanks to the Landbrokes brand.

Entain was fined £17 million by the British gambling regulator last month for "completely unacceptable anti-money laundering and safer gambling failures".