AUSTRAC launches investigation into bet365

Australia’s financial crime watchdog launched an investigation to probe its compliance with anti-money laundering laws.

Australia.- The Australian Transaction Reports and Analysis Centre (AUSTRAC) has launched an enforcement investigation into Hillside (Australia New Media), which operates as bet365. The investigation aims to determine whether bet365 has adhered to its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). 

The news follows AUSTRAC’s supervisory campaign targeting the corporate bookmaker sector and an external audit report.

AUSTRAC CEO 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.”

AUSTRAC said it was unable to comment further.