AUSTRAC Commences Investigation Into Online Betting Company Bet365

The investigation will focus on whether bet365 has complied with its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and follows a supervisory campaign of entities within the corporate bookmaker sector and AUSTRAC’s consideration of the external audit report received following AUSTRAC’s order to bet365 to appoint an external auditor.

AUSTRAC CEO Brendan Thomas, said betting agencies, like all regulated entities, have a significant role to play in combating financial crime.

“Corporate bookmakers must have robust systems in place to ensure they can manage and mitigate risks associated with money laundering and terrorism financing,” Mr Thomas said

“Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals.”

AUSTRAC has a range of regulatory tools and enforcement powers available to it and will not hesitate to take action where suspected non-compliance is identified.

As the investigation is ongoing, AUSTRAC is unable to comment any further at this time.

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AUSTRAC is responsible for preventing, detecting and responding to criminal abuse of the financial system to protect the community from serious and organised crime.

SOURCE: Australian Transaction Reports and Analysis Centre (AUSTRAC).