Ladbrokes faces probe over money-laundering, terrorism links
AUSTRAC has begun an enforcement investigation into gambling company Entain Group over its compliance within anti-money laundering and counter terrorism financing.
Betting agency Ladbrokes, a major sponsor of the Brisbane Broncos, is under investigation over money-laundering allegations. (Images: NRL)
Entain Group claims to be one of the world’s biggest sports betting and gaming companies. It operates out of London and owns the Ladbrokes, Neds and Sportingbet brands well known in Australia, but has a host of other brands operating in the UK and the US.
AUSTRAC said it had already carried out an extensive supervisory campaign within the corporate bookmaker sector.
Chief executive Nicole Rose said reporting entities had a responsibility to ensure they identified, assess and managed risks of money laundering and terrorism financing as well as develop processes and devote the necessary resources to comply with obligations.
AUSTRAC’s supervisory campaign within the corporate bookmaker sector could lead to other areas of focus, it said.
It follows media reports that the NSW Bell inquiry into the operations of Star’s Sydney casino would find that the company was not fit to hold a casino licence unless it overhauled it board and undertook compliance reform.
The report is expected to be made public tomorrow.
Star’s shares on the ASX have been put into a trading halt.
The company’s operations in Queensland were also the subject of an inquiry, but no report has yet been released.
