Tag Archives: Austrac

AUSTRAC launches AML probe into bet365 following external auditing

SBC News 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 …

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AUSTRAC launches betting AML specialist unit days after UK MoU

AUSTRAC

Australia’s financial intelligence agency, AUSTRAC (Australian Transaction Reports and Analysis Centre), has stepped up its efforts against money laundering, particularly relating to the gambling sector. Spokespeople for the government agency revealed at the Regulate the Game 2023 conference this week that a new specialist unit has been created with a specific anti-money laundering (AML) in betting remit. Bradley Brown, AUSTRAC …

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Entain to face AUSTRAC investigation of Australian business

SBC News Entain to face AUSTRAC investigation of Australian business

Entain Plc is to face an investigation into whether it has complied with the anti-money-laundering (AML) and counter-terrorism financing laws of Australia. The investigation has been announced by AUSTRAC – the Australian Transaction Reports and Analysis Centre – as part of an “extensive supervisory campaign covering the whole corporate bookmaking sector”. AUSTRAC provided no specific details as to why it …

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‘Disappointing’ Sun Bets one of many impacts on Tabcorp balance sheet

SBC News ‘Disappointing’ Sun Bets one of many impacts on Tabcorp balance sheet

Major Australian operator Tabcorp believes it has learned some lessons in its involvement with new UK operator Sun Bets, although these appear to have come at a rather expensive cost. The performance of the brand was one of three major deficits to Tabcorp’s balance sheet, which has seen the company report a loss for the financial year of AU$20.8m (£12.6m) …

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Tabcorp settles AUSTRAC record AUS $45 million compliance fine

SBC News Tabcorp settles AUSTRAC record AUS $45 million compliance fine

The Australian Federal Court has today approved ASX-listed Tabcorp Holding’s AUS $45 million (£27 million) settlement with financial watchdog AUSTRAC relating to severe breaches of its money-laundering code and corporate compliance failures. Tabcorp governance has agreed to pay the record fine, on the condition that AUSTRAC withdraws any further allegations of non-compliance against the company. As reported in February, Tabcorp …

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Multiple compliance failures see Tabcorp pay record AUSTRAC AUS $45 million fine

SBC News Multiple compliance failures see Tabcorp pay record AUSTRAC AUS $45 million fine

The Australian Transaction Reports & Analysis Centre (AUSTRAC) has issued Tabcorp Holdings its biggest ever fine of AUS $45 million (£27 million) for ‘extensive breaches’ of national anti-money laundering rules and compliance standards. The fine has been forwarded to the Australian Federal Court for final approval, against Tabcorp NSW and Victoria enterprises which failed in to register AUSTRAC of multiple …

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AUSTRAC charges Tabcorp with failed anti-money laundering compliance

SBC News AUSTRAC charges Tabcorp with failed anti-money laundering compliance

AUSTRAC, the Australia financial intelligence unit is charging Tabcorp with failure to comply with anti-money laundering and counter terrorism financing laws. The penalty placed by the finance body, could see Tabcorp charged with an AUS $17 million fine, for failing to meet Australian anti-money laundering compliance laws and practices. AUSTRAC has stated to Australian media that it has gained a …

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