AUSTRAC launches investigation into bet365 for potential AML/CTF breaches
Australian regulator investigates betting company bet365 for potential money laundering breaches.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has initiated an enforcement investigation into Hillside (Australia New Media), operating under the brand name bet365.
The focus of the investigation is to determine whether bet365 has complied with its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
This action follows a supervisory campaign targeting entities within the corporate bookmaker sector and AUSTRAC’s review of an external audit report mandated for bet365.
AUSTRAC CEO Brendan Thomas said: “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’s investigation aims to ensure compliance within the industry and protect against illicit activities. The agency possesses a range of regulatory tools and enforcement powers and has vowed to take decisive action upon identifying suspected non-compliance.
As the investigation progresses, AUSTRAC refrains from providing further commentary due to its ongoing nature.
In May 2023, Crown Resorts faced significant penalties and regulatory actions for breaches of AML/CTF Act provisions. The Federal Court approved a civil penalty of AU$450m (US$296m) against Crown Resorts to AUSTRAC, marking the resolution of a prolonged regulatory dispute.
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