Lisa Cheban | 5 November, 2022 11:51 | Last update on: 4 November, 2022 11:51
Exernal auditors are ordered by the Australian financial crimes watchdog to dive into sportsbook operators Bet365 and Sportsbet. These online casinos are being investigated over Anti-money laundering concerns. The Australian Transaction Reports and Analysis Centre (ATRAC) raised concerns after an extensive supervisory campaign within the sector of (online) bookmakers.
“Ultimately, enforcing non-compliance is about protecting the community. Money laundering feeds organised crime and all the harm that comes with it. We need businesses at the front line to fully comply with the AML/CTF Act – to understand and mitigate their risks and report suspected crimes.” said Nicole Rose, Chief Executive of AUSTRAC.
Austrac said that the audit at Bet365 and Sportsbet will consist out of the following points:
- Maintaining an Anti-money laundering program.
- Anti-money laundering risk assessment.
- Implementing a framework for anti-money laundering
- Monitoring customers
The supervision and evaluation will last 180 days and will ultimately determine whether Bet365 and Sportsbet have adopted and maintained the Anti-money laundering programme properly and accordingly.
The Chief executive of AUSTRAC concluded: “AUSTRAC will not hesitate to take action where suspected non-compliance is identified, to protect businesses from being exploited and protect the Australian community from harm.”