AUSTRAC has launched an investigation into Bet365 amid concerns about the operator’s anti-money laundering systems. [Image: Shutterstock.com]
Australia’s financial crime regulator has launched an investigation into Bet365 into possible lapses in combating terrorist financing and money laundering (AML). The Australian Transaction Reports and Analysis Center (AUSTRAC) ensures companies have proper compliance systems in place to prevent people funneling the proceeds of crime through banks and gambling platforms.
called for an external audit of the UK-based company Bet365 as early as 2022
AUSTRAC originally requested an external audit of UK-based Bet365 in 2022; Its competitors Sportsbet and Entain have done something similar. The latter operates the Ladbrokes and Neds brands in the country and is awaiting feedback on the results of its investigation.
Bet365 brought KPMG on board to investigate its processes and submit the report to AUSTRAC. The supervisory authority now wants to conduct its own, more in-depth investigation into the operator.
AUSTRAC CEO Brendan Thomas said companies that do not have adequate controls in place are “vulnerable to exploitation by criminals”.
Companies that fail to keep these systems up to date face hefty fines and possible regulatory action. SkyCity is currently facing a AU$73 million (US$48 million) fine for similar violations.
