AUSTRAC has commenced an enforcement investigation into Hillside (Australia New Media) Pty Limited (bet365).
The investigation will focus on whether bet365 has complied with its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and follows a supervisory campaign of entities within the corporate bookmaker sector and AUSTRAC’s consideration of the external audit report received following to appoint an external auditor.
AUSTRAC CEO Brendan Thomas, said betting agencies, like all regulated entities, have a significant role to play in combating financial crime.
“Corporate bookmakers must have robust systems in place to ensure they can manage and mitigate risks associated with money laundering and terrorism financing,” Mr Thomas said
“Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals.”
AUSTRAC has a range of regulatory tools and enforcement powers available to it and will not hesitate to take action where suspected non-compliance is identified.
As the investigation is ongoing, AUSTRAC is unable to comment any further at this time.
