The financial crimes watchdog in Australia has started an investigation into Bet365 regarding possible counter-terrorism financing and anti-money laundering (AML) failings. The Australian Transaction Reports and Analysis Centre (AUSTRAC) ensures that companies have proper compliance systems in place to prevent people from funneling the proceeds of crime through banks and gambling platforms.
requested an external audit of the UK-based Bet365 back in 2022
AUSTRAC originally requested an external audit of the UK-based Bet365 back in 2022; it has done similar for its rivals Sportsbet and Entain. The latter runs the Ladbrokes and Neds brands in the country and is waiting to hear back about the results of its investigation.
Bet365 got KPMG on board to look into its processes and send the report to AUSTRAC. The watchdog now wants to conduct its own deeper investigation of the operator.
AUSTRAC CEO Brendan Thomas said companies that do not have proper controls in place make themselves “vulnerable to exploitation by criminals.”
Any companies that don’t have these systems up to scratch face hefty penalties and potential regulatory action. SkyCity is currently facing a fine of AU$73m (US$48m) for similar types of failings.