Austrac accepts Sportsbet enforceable undertaking to combat financial crime
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The news: The Australian anti-money laundering watchdog has accepted an enforceable undertaking from Sportsbet that aims to uplift its compliance with Australia's anti-money laundering and counter-terrorism financing laws.
The context: Under the plan, Sportsbet must carry out an ongoing remedial action plan to improve compliance that Australian Transaction Reports and Analysis Centre (Austrac) will monitor. Sportsbet will provide regular reports to Austrac from an auditor to monitor its progress, the regulator has said.
Austrac announced in November 2022 that it had ordered the appointment of external auditors to assess the compliance of Sportsbet and Bet365 with national anti-money laundering and counter-terrorism financing laws.
Sportsbet's enforceable undertaking follows that external audit and Austrac has said a consideration of the audit, and Sportsbet's willingness to cooperate proactively with the watchdog meant the undertaking was the most appropriate regulatory response.
What they said: “Betting agencies, like all regulated entities, have a significant role to play in combating financial crime. This undertaking will ensure that Sportsbet commits sufficient resources to adequately implement its remediation program promptly, or risk further enforcement action,” Austrac chief executive officer Brendan Thomas said.
The source: Austrac media release
