AUSTRAC orders bet365 to strengthen AML controls
The online bookmaker has entered into an enforceable undertaking requiring major improvements to its anti-money laundering framework following a regulatory investigation.
Australia.- bet365 has committed to strengthening its anti-money laundering (AML) and counter-terrorism financing controls after the Australian Transaction Reports and Analysis Centre (AUSTRAC) identified significant deficiencies in its compliance framework. An enforceable undertaking requires the online bookmaker to implement a more robust and ongoing risk assessment methodology supported by clear processes and to enhance its ability to detect and report suspicious transactions.
AUSTRAC had launched an investigation after an independent audit of the operator’s Australian business identified weaknesses in its risk management and reporting practices. Failure to comply with the undertaking could result in civil penalties.
AUSTRAC CEO Brendan Thomas said: “Gambling businesses pose an inherent money laundering risk and we are focusing on the risks to the Australian economy from money laundering through this sector.”
Earlier this month, AUSTRAC finalised an enforceable undertaking with Sportsbet after the operator completed remediation measures accepted in May 2024. Sportsbet was required 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.
