SBC News AUSTRAC launches AML probe into bet365 following external auditing

AUSTRAC launches AML probe into bet365 following external auditing

The Australian division of sportsbook operator bet365 has landed in hot water by attracting unwanted attention from the country’s financial regulator AUSTRAC.

According to the watchdog, the probe was launched based on reports of compliance shortcomings with Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

The latest is part of AUSTRAC’s ‘extensive supervisory campaign’ launched last year to ensure that money laundering compliance standards are met across sportsbooks operating in the country.

In November, the regulatory body ordered bet365 together with another bookmaker, Sportsbet – part of Flutter Entertainment, to launch an internal auditing evaluation by appointing an external auditor. 

It is understood that the bet365 probe comes as a result of this evaluation. However, as the investigation is ongoing, AUSTRAC revealed that no additional comments can be made at this time. 

The only statement provided was that of AUSTRAC CEO Brendan Thomas, who emphasised that all regulated entities, including betting agencies, play a significant role in combating financial crime. 

“Corporate bookmakers must have robust systems in place to ensure they can manage and mitigate risks associated with money laundering and terrorism financing.

“Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals.”

AUSTRAC signed off by making it clear that it ‘will not hesitate’ to use all regulatory tools and enforcement powers at its disposal to intervene when necessary.

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