The Australian Transaction Reports and Analysis Centre (Austrac) has commenced an investigation into Bet365 over potential breaches of anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
Austrac ordered an audit of Bet365 in 2022, when it assessed its compliance with the AML/CTF Act 2006. The consideration of that audit has led Austrac to deem further investigation into Bet365’s affairs as necessary.
Austrac reserves the right to take action where non-compliance is found. The government-run financial intelligence agency has fines and other regulatory powers at its disposal.
“Corporate bookmakers must have robust systems in place to ensure they can manage and mitigate risks associated with money laundering and terrorism financing,” said Brendan Thomas, Austrac chief executive.
“Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals.”
Bet365 in potential hot water with Austrac
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