Australia’s financial crime watchdog launched an investigation to probe its compliance with anti-money laundering laws.<\/p>\n\n\n\n\n\n\n\n
Australia.-\u00a0The Australian Transaction Reports and Analysis Centre (AUSTRAC)\u00a0has launched an enforcement investigation into Hillside (Australia New Media), which operates as\u00a0bet365<\/strong>.\u00a0The investigation aims to determine whether bet365 has adhered to its obligations under\u00a0the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML\/CTF Act).\u00a0<\/p>\n\n\n\n The news follows AUSTRAC’s supervisory campaign targeting the corporate bookmaker sector and an external audit report.<\/p>\n\n\n\n AUSTRAC\u00a0CEO\u00a0Brendan Thomas<\/strong>, said: \u201cCorporate 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.\u201d<\/p>\n\n\n\n AUSTRAC said it was unable to comment further.<\/p>\n","protected":false},"excerpt":{"rendered":" Australia’s financial crime watchdog launched an investigation to probe its compliance with anti-money laundering laws.<\/p>\n","protected":false},"author":176,"featured_media":18728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"AUSTRAC has initiated an enforcement investigation into Hillside (Australia New Media), operating as bet365, to ascertain its adherence to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. This action follows a broader supervisory campaign targeting the corporate bookmaker sector and an external audit, underscoring heightened regulatory scrutiny on AML\/CTF compliance within the Australian iGaming market.","focusai_entities":"Australian Transaction Reports and Analysis Centre (AUSTRAC), Hillside (Australia New Media), bet365, Brendan Thomas","focusai_location":"Australia","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), tech_data (0.7), payments_fraud_aml (1.0), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"AUSTRAC's Enforcement Scope?","query":"What specific deficiencies in bet365's AML\/CTF frameworks did AUSTRAC's supervisory campaign or external audit identify that prompted this enforcement investigation?"},{"label":"Market-Wide Impact?","query":"How will this enforcement investigation against a major corporate bookmaker like bet365 influence AUSTRAC's ongoing supervisory approach and potential future actions across the broader Australian iGaming sector?"}],"footnotes":""},"categories":[16336,439],"tags":[23793],"class_list":["post-777013793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-legal-news","tag-austrac"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777013793"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013793\/revisions"}],"predecessor-version":[{"id":777013812,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013793\/revisions\/777013812"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18728"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777013793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777013793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777013793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}