Entain, one of Australia’s biggest online betting companies and owner of Ladbrokes and Neds, is getting ready to defend itself in a major court case under the country’s anti-money laundering laws. The case focuses on claims that Entain failed to follow the main anti-money laundering and counter-terrorism financing (AML/CTF) rules between 2018 and 2024. Moreover,
Entain, one of Australia’s biggest online betting companies and owner of Ladbrokes and Neds, is getting ready to defend itself in a major court case under the country’s anti-money laundering laws.
The case focuses on claims that Entain failed to follow the main anti-money laundering and counter-terrorism financing (AML/CTF) rules between 2018 and 2024. Moreover, according to AUSTRAC, the company didn’t do enough to prevent its platforms from being used for illegal purposes, pointing to 17 customer accounts that used more than AUD 152 million.
Entain has admitted that its compliance systems during that time weren’t strong enough, but argues it didn’t intentionally break the law. The company’s newly appointed permanent CEO for ANZ, Andrew Vouris, said that the company didn’t break any law.
“Entain has fundamentally transformed its approach to compliance and now operates a market-leading program, underpinned by a compliance-first culture.”
Said Andrew Vouris.
Entain also banned risky payment methods such as cash deposits.
If the Federal Court rules against Entain, the company could face fines worth hundreds of millions of dollars. Its UK parent company has already set aside AUD 100 million in case of penalties.