Bet365 accepts AUSTRAC enforceable undertaking amid ‘serious gaps’ in anti-money laundering system
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The news: Online bookmaker Bet365 has agreed to overhaul its anti-money laundering systems under a court-enforceable undertaking after the Australian Transaction Reports and Analysis Centre (AUSTRAC) identified “serious gaps”.
The context: The enforceable undertaking will require Bet365 to “overhaul its systems, including establishing a robust, ongoing risk assessment approach, underpinned by clear methodology and processes, and strengthening how it detects and reports suspicious transactions as risks evolve,” according to AUSTRAC.
An AUSTRAC investigation was launched into Bet365 in March 2024 following an independent audit of its operations that was ordered in November 2022.
Breaches of the undertaking will incur civil penalties. The latest enforcement action follows the completion of an enforceable undertaking with Sportsbet on Friday after it had initially been accepted in May 2024.
AUSTRAC is also pursuing Federal Court action against Ladbrokes-owner Entain.
What they said: “The gambling industry processes large volumes of money at high speed, often through anonymous digital channels. This creates opportunities criminals look to exploit,” AUSTRAC CEO Brendan Thomas said.
“This means businesses need to continuously improve their systems to assess risks and monitor for suspicious activity because when controls fall behind, the consequences extend beyond a single company.”
The source: AUSTRAC media release
