Bet365 faces Austrac enforcement investigation
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The news: Austrac is investigating Bet365's compliance with anti-money laundering and counter-terrorism financing obligations after an external report into the gambling company.
The context: Following an enforcement investigation, the regulator could pursue civil penalties before the Federal Court, enforceable undertakings, infringement notices or remedial directions.
Austrac announced in November 2022 that it was appointing external auditors to report on anti-money laundering and counter-terrorism financing compliance at Bet365 and Sportsbet.
What they said: Austrac chief executive officer 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,” he said.
The source: Austrac media release
