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Addington Weekly : June 8
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Southern star on the move
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By Chief Stipe · Posted
Yes they have already taken a couple of hits on this one. AUSTRAC is funded by their own success and they have already nailed the low hanging fruit. Eventually they'll start losing legal talent like most Government agencies. -
Good to hear that the mediation remains ongoing with 12 months available now to settle matters. I have a hunch that AUSTRAC may be the one to end up with even ore egg on their face here. -
By Chief Stipe · Posted
Court date set in late 2026 for Entain/AUSTRAC case – The Straight thestraight.com.au The case brought to the Federal Court by financial regulator AUSTRAC against global wagering giant Entain has been scheduled to begin on November 30, 2026. While there is still an opportunity for the civil case to be settled via mediation before it reaches the Federal Court hearing, Justice Moore last week ordered that two weeks be set aside for a hearing from November 30 next year. That would mean that the uncertainty that has hung over Entain’s Australian business, which is headlined by the Ladbrokes and Neds brands, would extend for at least another 12 months, unless the case is resolved beforehand.https://bitofayarn.com AUSTRAC, which brings the action under the Anti-Money Laundering and Counter Terrorism Financing Act, must submit its evidence by April 10 with Entain’s evidence submissions not due until August 6. https://bitofayarn.com Entain entered its defence to AUSTRAC’s revised statement of claim last month, saying it would be prepared to contest the claims in the Federal Court should a settlement of the matter not be achieved. Should it go to court, it would be the first time that the AML/CTF Act would be tested by an online betting provider. A previous case in 2017, involving Tabcorp, only involved a contest of the financial penalty, not the finding itself. https://bitofayarn.com The Entain action began when AUSTRAC issued its initial application to the Federal Court in December last year. AUSTRAC chief executive Brendan Thomas said at the time that the agency considered there were systemic failures in Entain’s approach to its AML/CTF obligations. “AUSTRAC’s proceedings allege that Entain did not develop and maintain a compliant anti-money laundering program and failed to identify and assess the risks it faced. We are alleging this left the company at serious risk of criminal exploitation,” he said. “Money laundering is often a symptom of serious criminal activity, including fraud, scams and corruption, all of which have equally serious effects on our communities,” he said. AUSTRAC’s case centres on the use of 17 “high-risk” accounts, after an investigation found Entain allowed thosecustomers to spend more than $152 million without proper checks and balances in place. https://bitofayarn.com However, AUSTRAC altered its statement of claim in August, removing references to Entain as a “high-risk remittance provider”. It was discovered that the regulator’s own rules excluded wagering operators from liability in that category. https://bitofayarn.com Responding to the new statement of claim, Andrew Vouris, chief executive of Entain Australia and New Zealand since June, acknowledged past failings, but said it had followed the external advice it received at the time. “We sincerely regret that our old program didn’t meet expectations. We followed expert advice at the time but, looking back, we recognise the old program missed the mark,” he said. “We’ve acknowledged our shortcomings, taken responsibility, and spent the last two years learning from them and fixing them.” Vouris described Entain’s new approach to compliance as “fundamentally transformed…. underpinned by a compliance-first culture – to “win, but not at all costs”. Entain faces the possibility of fines in the hundreds of millions plus associated legal costs should it fail in its defence in the Federal Court. In 2017, Tabcorp was fined $45 million in the Federal Court for breaches of the AML/CTF Act with the penalty and not the charges determined in court. AUSTRAC has previously brought action to court against Crown, which paid $450 million in penalties, and SkyCity, which paid a $67 million penalty for breaches of the AML/CTF Act. -
By Wandering Eyes · Posted
Competitive bidding continued throughout the day Sunday as the Book 4 section of the Keeneland November Breeding Stock Sale opened Sunday with a pair of weanlings by Yaupon leading the way. For the session, 267 horses grossed $10,837,500 for an average of $40,964 and a median of $30,000. The average was up 14.70% and the median was up 20.00% from last year's corresponding session when 270 horses sold for $9,642,400 and the average was $35,713 and the median was $25,000. With 58 horses reported not sold, the buy-back rate for the session was 17.85%. It was 20.35% a year ago. A colt by Yaupon (hip 2054) consigned by Grant and Tracy O'Shaughnessy's Serendipity Farm brought the session's top price when selling for $290,000 to Al Jawzaa General Trading LLC. “We felt pretty good about him because he had 33 vets and 129 looks,” Tracy O'Shaughnessy said Sunday evening. “We were told he was one of the nicer ones today, so we were feeling pretty confident.” Serendipity Farm consigned the weanling on behalf of breeder George Bates, who purchased the colt's dam, Gypsy's Feather (Munnings), for $20,000 at the 2022 Keeneland January sale. The farm also consigned the colt's full-brother who sold for $300,000 at last year's Keeneland November sale. “I think this guy probably had a little more leg,” Tracy said. “But overall, I think they were almost identical.” The Big Bear Bloodstock pinhooking partnership made the second highest bid of Sunday's session, going to $250,000 to acquire another colt by Yaupon (hip 2247) from the Legacy Bloodstock consignment. The Spendthrift stallion was also represented by the highest-priced filly of Sunday's session with Buena Madera purchasing hip 1938 for $140,000 from Scott Mallory's consignment. Yaupon currently sits atop the freshman sire rankings with 25 winners and seven stakes winners. “He looks like he has the numbers and they look to be fast,” Grant O'Shaughnessy said of Yaupon's foals. “They are well balanced with plenty of leg,” Tracy added. “They all seem to have that same kind eye–that's what I've noticed with these guys anyway–and a good brain.” The session topper was one of six to sell from the Serendipity consignment Sunday. The group also included a filly by Taiba (hip 2250) who sold for $85,000 and a colt by Arcangelo (hip 2107) who sold for $80,000. “Everybody is still here,” Tracy said. “We sold a few others that exceeded expectations for us. We had an Arcangelo that sold really well and a Taiba who made about twice as much as we thought she'd make. We heard that comment a lot, that the weanlings in general are just bringing crazy money. And that's just carried on into Book 4.” Grant agreed that the strength of the market through its first week had a trickle down effect as buyers who got shut out through the first six sessions were active into Book 4 Sunday. “It's been very busy. There is a lot of activity,” he said. “The nice horses are going for such high dollars. You have to be cognizant of the fact that, especially pinhookers, you can't go paying crazy money because you have to factor in that you have to try to make that money back next year. I think the market is going to be buoyant into next year, but again, who knows?” Hidden Brook Farm purchased the two top-priced mares of Sunday's session, going to $220,000 to acquire the 4-year-old Ella Elizabeth (Take Charge Indy) (hip 2009) from the Glendalough at Dromoland consignment and returning to that same consignment to acquire She Caught My Eye (Violence) (hip 2226), in foal to Domestic Product, for $170,000. Hidden Brook purchased five head Sunday for $620,000 and was the session's leading buyer. “We are just looking to upgrade the broodmare band at the farm,” said Hidden Brook's Sergio de Sousa. “We are looking for good-looking mares with a bit of pedigree and hopefully in foal to the right sire, so we can just keep trading.” Ella Elizabeth is a full-sister to graded stakes winner Take Charge Paula (Take Charge Indy), the dam of multiple stakes winner Long Neck Paula (Uncle Mo), and she sold in foal to Uncle Mo's son Golden Pal. “It's a live family,” de Sousa said of the mare's appeal. “We liked the ones that we had by Golden Pal and we like the mare physically. She was a really, really pretty mare. So hopefully she will produce a nice foal.” Of Ella Elizabeth's price tag, de Sousa said, “We were outbid on a few mares before, like everybody else. So we felt like, for the right one, you have to stretch a little bit to buy something good-looking that you don't mind looking at every day.” Hidden Brook was also active as sellers Sunday and of the market into Book 4, de Sousa said, “The mares need to be good physically and in foal to the right sire. If the two match, you did really well. The foals have been the same. It was very strong, but you still had to vet and look decent enough. And then the market was there for it. It's competitive, which is good. And hopefully it will continue.” The Keeneland November Breeding Stock Sale continues through Tuesday with sessions beginning each day at 10 a.m. The post ‘Everybody is Still Here’: Yaupon Colts Lead Action at Keeneland Sunday appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions. View the full article -
By Chief Stipe · Posted
How does being a member of a Club make a difference? The Club model has been broken for decades aka Rugby Clubs, RSA's, WMC's. Those that have survived amalgamated and changed their business models.
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