AUSTRAC accepts Sportsbet pledge to improve AML compliance

Sportbet must provide periodic reports.

Australia.- The Australian Transaction Reports and Analysis Centre (AUSTRAC) has accepted an enforceable undertaking from Sportsbet Pty Ltd (Sportsbet) to improve its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.

It had previously told Sportsbet to appoint an external auditor to review its compliance. After evaluating the auditor’s report and Sportsbet’s efforts to meet legal requirements, it concluded that an enforceable undertaking was the most suitable course of action. This mandates that Sportsbet implement a detailed remedial action plan to enhance its AML/CTF program, with AUSTRAC overseeing progress to ensure compliance within deadlines.

Sportsbet must submit regular reports from the auditor to AUSTRAC to monitor improvements.

AUSTRAC CEO Brendan Thomas said: “Corporate bookmakers must have robust systems in place to ensure they comply with their AML/CTF obligations. Sportsbet’s undertaking binds it to a programme of work. This will help ensure Sportsbet manages and mitigates the risks associated with money laundering and terrorism financing.

“We will be monitoring Sportsbet throughout this process to ensure it meets these obligations, and there will be consequences if it does not. 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.”

See also: SkyCity Adelaide agrees to penalty for AML breaches