{"id":777016001,"date":"2024-05-31T09:35:29","date_gmt":"2024-05-31T12:35:29","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777016001"},"modified":"2026-04-22T09:37:58","modified_gmt":"2026-04-22T12:37:58","slug":"austrac-accepts-sportsbet-pledge-to-improve-aml-compliance","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/austrac-accepts-sportsbet-pledge-to-improve-aml-compliance","title":{"rendered":"AUSTRAC accepts Sportsbet pledge to improve AML compliance"},"content":{"rendered":"\n<p>Sportbet must provide periodic reports.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Australia.- The Australian Transaction Reports and Analysis Centre (AUSTRAC) has accepted an enforceable undertaking from Sportsbet Pty Ltd (Sportsbet)\u00a0to improve its compliance with Australia\u2019s anti-money laundering and counter-terrorism financing (AML\/CTF) laws.<\/p>\n\n\n\n<p>It had previously told <strong>Sportsbet<\/strong> to appoint an external auditor to review its compliance. After evaluating the auditor\u2019s report and Sportsbet\u2019s 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.<\/p>\n\n\n\n<p>Sportsbet must submit regular reports from the auditor to AUSTRAC to monitor improvements.<\/p>\n\n\n\n<p>AUSTRAC CEO <strong>Brendan Thomas<\/strong> said: \u201cCorporate bookmakers must have robust systems in place to ensure they\u00a0comply with their AML\/CTF obligations. Sportsbet\u2019s 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.<\/p>\n\n\n\n<p>\u201cWe 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\u00a0commits sufficient resources to adequately implement its remediation program promptly, or risk further enforcement action.&#8221;<\/p>\n\n\n\n<p><strong>See also: <\/strong><a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/skycity-adelaide-agrees-to-penalty-for-aml-breaches\" rel=\"noreferrer noopener\">SkyCity Adelaide agrees to penalty for AML breaches<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sportbet must provide periodic reports.<\/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 accepted an enforceable undertaking from Sportsbet Pty Ltd to significantly enhance its Anti-Money Laundering and Counter-Terrorism Financing (AML\/CTF) compliance framework. This action follows an external audit revealing deficiencies, mandating Sportsbet to implement a detailed remedial plan under AUSTRAC's direct oversight and regular auditor reporting. The initiative underscores the regulator's commitment to robust financial crime prevention within the Australian iGaming sector.","focusai_entities":"Sportsbet Pty Ltd, Sportsbet, Australian Transaction Reports and Analysis Centre, AUSTRAC, Brendan Thomas","focusai_location":"Australia","focusai_target_profile":"ceo_executive (0.95), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), tech_data (0.7), payments_fraud_aml (1.0), investor_analyst (0.85), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Compliance Cost Impact","query":"What is the estimated financial impact on Sportsbet's operational expenditure and capital allocation for implementing the mandated AML\/CTF remedial action plan, and how might this affect its competitive positioning?"},{"label":"Regulatory Precedent Implications","query":"How does AUSTRAC's enforceable undertaking with Sportsbet establish a new precedent for AML\/CTF compliance expectations and potential enforcement actions for other licensed corporate bookmakers within the Australian market?"}],"footnotes":""},"categories":[16336,156,158],"tags":[23793],"class_list":["post-777016001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-regulation-news","category-slider-home","tag-austrac"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016001","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=777016001"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016001\/revisions"}],"predecessor-version":[{"id":777016029,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016001\/revisions\/777016029"}],"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=777016001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777016001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777016001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}