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The committee made 31 recommendations on how online gambling, which it said was changing the culture of sport, should be regulated and how Australians struggling with addiction should be supported. Australians outspend the citizens of every other country on online gambling, Peta Murphy, chair of the committee said in the report titled "You win some, you lose more". Murphy said online gambling companies advertise deliberately and strategically alongside sport, which has normalised it as fun and harmless and socialble activity. A phased, comprehensive ban on all gambling advertising on all media, broadcast and online, that left no room for circumvention, was needed, the panel said. The gambling problem shifted online to a much greater extent when the COVID-19 pandemic forced the closure of public venues.
Persons: Peta Murphy, Murphy, Anthony Albanese, Albanese, Praveen Menon, Robert Birsel Organizations: SYDNEY, Entain PLC, Tabcorp Holdings, ABC Gold Coast, Thomson Locations: Australia, London
Here are some of the major penalties imposed by the regulators:AMP LTD (AMP.AX)Troubled Australian wealth manager AMP Ltd was fined a court-mandated penalty of A$24 million in May for billing dead clients for insurance and financial advice. In October 2022, ANZ was penalised A$25 million for failing to provide certain benefits it had agreed to give customers. In October 2022, CBA's trading unit was fined A$20 million for compliance failures in delivering financial services. NATIONAL AUSTRALIA BANK (NAB.AX)National Australia Bank, the country's second-largest bank, was charged A$18.5 million penalty in August 2021 by a court for issuing misleading fee disclosure statements or none at all. WESTPAC BANKING CORP (WBC.AX)Australia's third-biggest lender, Westpac Banking Corp was ordered to pay A$113 million in penalties in April 2022 for multiple compliance failures across its businesses.
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