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Australia's financial regulator has ordered an anti-money la

Author:admin Views: Publish Time:2022-11-25
Summary:Australia's financial crimes watchdog has ordered anti-money laundering audits of sportsbooks Sportsbet and Bet365.
Australia's financial crimes watchdog AUSTRAC has ordered audits of leading sports betting firms Sportsbet and Bet365 to assess their compliance with anti-money laundering and counter-terrorism financing.
According to a release from AUSTRAC this week, the action is part of a wider regulatory campaign against corporate gambling entities. In September, it launched a similar investigation into Labdrokes, which operates in Australia, and UK-based Neds gaming giant Entain.
AUSTRAC said this latest audit will verify that Sportsbet and Bet365 comply with:
1. Adopt and maintain an AML/CTF program with risk-based systems and controls to effectively identify, mitigate and manage money laundering and terrorist financing (ML/TF) risks.
2. Conduct an appropriate money laundering/terrorist financing risk assessment, taking into account the risks posed by the types of customers, the specific types of services provided and the methods by which those specific services are provided.
3. Ensure that Sportsbet and Bet365 have a framework through which their boards and senior management continue to oversee their Part A schemes; and oversee customers appropriately to identify, mitigate and manage risks they may reasonably face that the provision of specified services may involve or facilitate Money Laundering or Terrorist Financing.
External auditors appointed to conduct the audit will have 180 days to report to the regulator.
"Sportsbet and Bet365 are among the largest operators in the corporate gambling space," AUSTRAC chief executive Nicole Rose said.
"AUSTRAC reminds the entire industry to improve management capabilities."
“Ultimately, human rights violations are about protecting communities. Money laundering breeds organized crime and all the harm that goes with it. We need frontline businesses to be fully AML/CTF compliant – understand and mitigate risk, report suspected crime.”
"Once suspected breaches are identified, the ACRC will not hesitate to act to protect businesses from exploitation and Australian society from harm."
Sportsbet is Australia's largest sports betting company with a market share of about 50%, replacing Tabcorp, which once dominated in 2022.
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