Bet365 faces AML enforcement investigation in Australia
AUSTRAC to commence a deep dive into Stoke-on-Trent-based operator following external audit report consideration
The post Bet365 faces AML enforcement investigation in Australia first appeared on EGR Intel.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has launched an enforcement investigation into bet365 in relation to potential anti-money laundering and counter-terrorism funding (AML/CFT) shortcomings.
The enforcement investigation comes after AUSTRAC appointed external auditors to assess bet365 back in November 2022.
The auditors were responsible for investigating whether the operator had complied with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
That investigation included identifying if bet365 had appropriate risk assessments in place, appropriate monitoring of customers and frameworks for senior management to be abreast of AML and CTF processes.
AUSTRAC said that following consideration of the external auditor report, it had elected to push ahead with an enforcement investigation.
Entain was the last operator to face an enforcement investigation from AUSTRAC, the proceedings of which started in September 2022.
At the time of writing, neither Entain nor AUSTRAC have communicated a conclusion to that investigation.
Brendan Thomas, AUSTRAC CEO, said: “Corporate bookmakers must have robust systems in place to ensure they can manage and mitigate risks associated with money laundering and terrorism financing.
“Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals.”
The body added that due to the investigation being ongoing, there would be no further statements provided.
EGR has approached bet365 for comment.
The post Bet365 faces AML enforcement investigation in Australia first appeared on EGR Intel.
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