The parent company of Ladbrokes and Neds has been sued by the financial crimes regulator for allegedly not doing enough to prevent money laundering on their products. AUSTRAC alleges the company had "serious and systemic non-compliance" with Australia's anti-money laundering and counter-terrorism financing laws. It alleges Entain did not develop and maintain a compliant anti-money laundering program and failed to …
-- Entain Plc, the gambling company that owns Ladbrokes, said that Australia’s anti-money laundering regulator had opened civil penalty proceedings against the group’s local subsidiary following a two-year investigation. A fine as a result of the federal court case could be “potentially material” and the company is carefully considering the Australian Transaction Reports and Analysis Centre’s filings, Entain said in …
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