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That's over 6 months ago! A lot has happened since then. -
Wouldn't have a clue what you know and what you don't. just discussing an important topic. I'm just saying Federal Court Proceedings are a serious Offence . and you and Chief can downplay it all you like. But the Fact remains Several Executives and Directors, like my friend Dean Shannon who was the NZ -Aus CEO have had to leave their positions. I find that quite serious. The charges are quite serious and 'STAR Entertainment ' in Australia faced the same charges , Are still going through Federal court proceedings from 2022 , and they are Struggling Big Time . ( as I highlighted on a harness thread today) So If ENTAIN can 'mediate' their way out of it , good luck to their lawyers. Dean Shannon was out the door on June 30th this year so don't think the Mediation going 'that great ' so far . (in our NZ Aus area) Heres the AML report. On 16 December 2024, AUSTRAC imposed civil penalty proceedings on Entain Group Pty Ltd, which operates online betting sites including Ladbrokes, Neds and other online betting brands. The proceedings allege Entain of serious and systematic non-compliance with Australia’s AML/CTF laws. Entain Group – A Global Gambling and Gaming Leader Entain plc has a headquarter in the UK, an FTSE 100 constituent, and is the world’s largest gaming group and sports betting company. This group also includes technology and expands its services to third-party customers on a B2B basis & B2C operations. Entain provides technological capabilities, infrastructure, games, and products developed by in-house gaming studios to support BetMGM. It’s a famous player in the U.S. sports iGaming & betting market. Entain is the global operator of regulated markets and has an online and physical presence in approximately 30 territories. Not to forget, it’s a member of the Dow Jones Sustainability Index (DJSI) and FTSE4Good Index and has an AA rating from MSCI. 4 Reasons Why Entain Group is in Red Light AUSTRAC’s allegation against the Entain Group is based on the following AML/CTF failures: Entains’s board of senior management could not keep appropriate oversight of its AML/CTF program, which in turn interfered with the ability to identify money laundering-related exploitation of their betting sites. Entain operates 24/7 via websites and apps, which are already vulnerable to exploitation. It further worsened when unknown people, including third-party providers, were able to access and use Entain’s platform. Even worse? Third parties could accept cash and other deposits on behalf of Entain to be credited into betting accounts in ways that fade out the proceeds of the crime. The company did not have appropriate measures in place to confirm the identity of customers making deposits, nor the measure to confirm the source of the money. Entain failed to conduct a proper check on 17 high-risk individuals and was indifferent to the fact that their online betting sites are being exploited by criminals to spend the proceeds of serious crimes. Note: AUSTRAC also mentioned that “ This includes allegations that Entain deliberately obscured the identity of some high-risk customers, on its own systems, through the use of pseudonyms to “protect their privacy”. Shares of Entain dropped by 5.5% in early trading, which coincided with the existing crackdown by Australian authorities on the gambling sector. In response to alleged AML/CFT failures highlighted by AUSTRAC, Entertain’s CEO Gavin Issacs warned investors of a potentially hefty penalty from legal proceedings. Violations can result in fines of up to A$22.2 million ($14.14 million) per infraction under Australia’s -
I'm mystified too @Huey You think the intention is something other than what they stated?
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The matter was to be resolved beforehand or go to mediation by August 4 and if that failed they had till September 12 to file a response to the federal court. As far as I'm aware, no outcomes have been reported yet by either party. Do you know something that the rest of us don't?
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By Chief Stipe · Posted
You miss the point the level of non-compliance is nowhere near other cases. As I keep repeating it is more akin to the Sportsbet case (arguably not as bad as them) where no fine was incurred. Westpac bank was fined AUD$1.3 billion but there non-compliance involved billions of dollars NOT $157m.
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