2024-12-16 14:34:16 :
(Bloomberg) — Ladbrokes’ gaming company Entain Plc said Australia’s anti-money laundering regulator has launched civil penalty proceedings against the group’s local unit following a two-year investigation.
Entain said in a statement on Monday that the fine resulting from the federal court case could “potentially be material” and that the company was carefully considering the Australian Transaction Reports and Analysis Center documents.
The regulator announced an investigation into Entain’s Australian subsidiary in September 2022, looking into whether the company had breached laws requiring it to identify and prevent money laundering and terrorism financing on its platform. Entain told regulators it was updating its platform to prevent financial crime in a plan due to be completed next year.
Chief executive Gavin Isaacs said in a statement: “We are committed to stamping out financial crime in gambling and continue to play our role in supporting a A well-regulated and compliant industry.”
Entain shares were down 3% at 790.60 pence at 8:16 a.m. in London, after having fallen as much as 5.2%. The stock has fallen 20% this year.
Regulators around the world are cracking down on online gambling companies, aiming to deter criminals who abuse the platforms and protect customers from losing too much money. Britain, where Entain is based, said last month that gambling operators would face profits taxes of up to 1.1% on certain types of games as the government seeks to invest 100 million pounds ($126 million) a year in harm reduction and gaming. Research.
Last year, Entain agreed to pay £615m to resolve an investigation by British prosecutors following an investigation into potential bribery offenses at its former Turkish business. Entain was previously required to pay a record £17 million settlement to the UK Gambling Commission in 2022 for failing to enforce player safety and anti-money laundering measures.
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