Australia’s money laundering watchdog AUSTRAC said Thursday it has accepted an Enforceable Undertaking from Sportsbet Pty Ltd – the country’s market-leading online sportsbook – to uplift its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.
The Enforceable Undertaking comes after AUSTRAC previously ordered Sportsbet to appoint an external auditor to examine its compliance with the AML/CTF regime. The regulator said it has since carefully considered the auditor’s findings as well as Sportsbet’s willingness to cooperate and proactively work to meet its obligations in determining an Enforceable Undertaking as being the most appropriate regulatory response.
The enforceable undertaking binds Sportsbet to an ongoing remedial action plan to improve its AML/CTF program, which AUSTRAC said it will monitor to ensure it is undertaken within agreed timeframes. As part of the undertaking, Sportsbet is also required to provide reports to AUSTRAC from an auditor who will continually monitor the progress of Sportsbet’s uplift.
“Corporate bookmakers must have robust systems in place to ensure they comply with their AML/CTF obligations,” said AUSTRAC CEO Brendan Thomas.
“Sportsbet’s 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.
“We 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 commits sufficient resources to adequately implement its remediation program promptly, or risk further enforcement action.”
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