Australia’s AML watchdog AUSTRAC said Thursday it has launched an investigation into the local arm of bet365 to determine whether the online betting giant has complied with its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act.
The investigation into Hillside (Australia New Media) Pty Limited, which operates as bet365, follows a supervisory campaign of entities within the corporate bookmaker sector and AUSTRAC’s consideration of an external audit report received following AUSTRAC’s order to bet365 to appoint an external auditor, the regulator said.
“Corporate bookmakers must have robust systems in place to ensure they can manage and mitigate risks associated with money laundering and terrorism financing,” said AUSTRAC CEO Brendan Thomas.
“Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals.”
AUSTRAC said it would not hesitate to take action where suspected non-compliance is identified, utilizing the “range of regulatory tools and enforcement powers available to it.”
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