AUSTRAC Initiates Enforcement Investigation into bet365
AUSTRAC has launched an enforcement investigation into Hillside (Australia New Media) Pty Limited, also known as bet365. The investigation will focus on bet365’s compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
The investigation comes after a supervisory campaign of corporate bookmaker entities and AUSTRAC’s review of the external audit report, which was ordered when bet365 was instructed to appoint an external auditor by AUSTRAC.
The CEO of AUSTRAC, Brendan Thomas, emphasized the crucial role that betting agencies, like all regulated entities, play in combatting financial crime. Thomas stated that corporate bookmakers must have strong systems in place to effectively manage and mitigate risks associated with money laundering and terrorism financing. He also highlighted the vulnerability of businesses without adequate processes to exploitation by criminals.
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