Australia to probe Britain’s Bet365

Jenny Ortiz March 8, 2024

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Australia to probe Britain’s Bet365

Australia’s financial crimes watchdog, the Australian Transaction Reports and Analysis Centre (Austrac), will probe Bet365, a prominent British gambling operator in the Australian market, to assess its adherence to the nation’s anti-money laundering laws.

Austrac’s formal investigation into Bet365 comes as part of its broader efforts to scrutinize the gambling sector for potential vulnerabilities to money laundering, as reported by the Financial Times.

Having previously imposed a hefty fine on Westpac bank for compliance shortcomings, amounting to A$1.3 billion (€786.8 million), Austrac underlines the pivotal role of betting companies in combating financial crimes.

Brendan Thomas, the head of Austrac, stresses the necessity for corporate bookmakers like Bet365 to implement robust risk management systems to counteract money laundering and terrorism financing threats.

Thomas warns that inadequately fortified businesses expose themselves to exploitation by criminal elements.

?Probe follows directive in 2022?

This inquiry into Bet365 follows Austrac’s earlier directive in 2022, instructing Bet365’s local arm, Hillside (Australia New Media), to engage external auditors at their own expense.

The directive aimed to underscore the imperative of safeguarding the integrity of Australia’s financial system.?

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