The Australian Transaction Reports and Analysis Centre (AUSTRAC) has announced that it has launched an official enforcement investigation into Hillside (Australia New Media) Pty Limited trading as bet365.
Australia’s financial crime watchdog will now look into bet365’s compliance with anti-money laundering (AML) and counter-terrorism financing laws. This investigation comes as a result of an external audit of the company which AUSTRAC ordered bet365 to undergo in 2022.
Following a surge in online betting in Australia during the pandemic, gambling operators came under increased pressure to ensure that customers were gambling within their means.
AUSTRAC CEO Brendan Thomas, said that all betting agencies have a responsibility in the fight against 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. Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals.”
In its statement AUSTRAC said that, if necessary, it would use the enforcement powers available to it and take action where suspected non-compliance is identified. No further details of the investigation have yet been released.
bet365 Record Revenues in 2023
Earlier this year the company reported revenues of £3.39 billion ($4.3 billion/€3.9 billion) for FY23 which ended on the 26th of March 2023.
According to the filing published on the UK Gambling Commission website, the latest figures represent a 19.1% increase on the previous year’s revenue total of £2.85 billion ($3.6 billion/€3.3 billion). This included a 15% rise in sports betting revenues and a 31% increase in online casino revenues.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) recently announced that it has launched an investigation into bet365, one of the largest online betting companies in the world, regarding its anti-money laundering compliance procedures. This move comes as part of AUSTRAC’s ongoing efforts to crack down on money laundering and terrorist financing activities within the gambling industry.
AUSTRAC is Australia’s financial intelligence agency responsible for monitoring and regulating financial transactions to prevent illegal activities such as money laundering and terrorism financing. The agency has the authority to investigate businesses that are suspected of not complying with anti-money laundering laws and regulations.
In the case of bet365, AUSTRAC is specifically looking into whether the company has adequate measures in place to prevent money laundering and other illicit activities on its platform. This includes conducting thorough customer due diligence, monitoring transactions for suspicious activity, and reporting any suspicious transactions to the authorities.
Failure to comply with anti-money laundering regulations can result in hefty fines and even criminal charges for companies like bet365. In recent years, several high-profile cases have highlighted the importance of robust anti-money laundering procedures in the gambling industry, prompting regulators like AUSTRAC to step up their enforcement efforts.
For its part, bet365 has stated that it takes its compliance obligations seriously and is cooperating fully with AUSTRAC’s investigation. The company has also pledged to strengthen its anti-money laundering procedures to ensure that it remains in compliance with Australian laws and regulations.
Overall, AUSTRAC’s investigation into bet365 serves as a reminder of the importance of having effective anti-money laundering measures in place, particularly in industries like online gambling where large sums of money are at stake. By cracking down on money laundering activities, regulators like AUSTRAC are working to protect the integrity of the financial system and prevent criminal organizations from exploiting legitimate businesses for their illicit activities.
