30th Nov 2023 11:09
(Alliance News) - Entain PLC on Thursday noted a fine by the Dutch gaming authority for its subsidiary BetEnt, which trades as BetCity and was acquired by Entain in January.
Entain is a sports betting and gambling company, which owns brands such as bwin, Coral, Ladbrokes, PartyPoker and Sportingbet. STS is Poland's leading sports-betting operator.
The Dutch gaming authority Kansspelautoriteit on Thursday fined EUR3 million on BetEnt under the country's money laundering & terrorism financing prevention act.
It explained that according to Dutch law, gambling providers must monitor their customers' transactions and report unusual transactions to the Dutch financial intelligence unit via conducting customer research. "For example, they must investigate who their clients are (identity check), which transactions they enter into and what their risk profile is in relation to the risk of money laundering and terrorist financing," it said.
Entain said the activities relate to the period between December 2022 and February 2023, adding that it was aware of instructions from September 2022 before its EUR300 million acquisition of BetEnt, which trades as BetCity.
The company added: "Following completion, Entain commenced implementing improvements to BetCity's procedures and control frameworks, has fully co-operated with the KSA investigation and is committed to working with regulators in all its markets to ensure the highest standards of player protection."
Entain shares fell 2.2% to 782.80 pence each on Thursday morning in London.
By Tom Budszus, Alliance News slot editor
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