AUSTRAC confirms all clear for Sportsbet after remediation measures
The agency confirmed that the operator has addressed deficiencies in its anti-money laundering and counter-terrorism financing framework.
Australia.- The Australian Transaction Reports and Analysis Centre (AUSTRAC) has announced that it has finalised its enforceable undertaking with Sportsbet. It said the operator had completed remediation measures accepted in May 202, successfully addressing deficiencies in its anti-money laundering and counter-terrorism financing (AML/CTF) controls.
He noted that Sportsbet was required to undertake remediation to strengthen its systems, controls and governance after AUSTRAC identified concerns regarding the company’s approach to risk assessment, customer monitoring and suspicious matter reporting. That included enhanceents to five key areas of its AML/CTF policies and processes. An independent external audit has confirmed that all required remediation measures have been implemented and fully operationalised.
AUSTRAC stressed that operators in higher-risk sectors remain subject to ongoing regulatory expectations.
“When AUSTRAC identifies systemic weaknesses in a reporting entity’s AML/CTF controls, we will take enforcement action to ensure those issues are addressed,” CEO Brendan Thomas said.
“Completion of an enforceable undertaking does not lessen our expectations,” he added. “Businesses like Sportsbet operating in higher-risk sectors must maintain robust, risk-based systems to prevent criminal exploitation.”
