AUSTRAC has stated that its investigation into bet365 – the trading name of Hillside (New Media) Limited – will focus on whether the operator has “complied with its obligations” under the AML/CTF Act.
In addition, the investigation “follows a supervisory campaign of entities within the corporate bookmaker sector and AUSTRAC’s consideration of the external audit report received following AUSTRAC’s order to bet365 to appoint an external auditor”.
AUSTRAC noted that it has a variety of regulatory tools and enforcement powers at its disposal and it “will not hesitate to take action where suspected non-compliance is identified”.
“Corporate bookmakers must have robust systems in place to ensure they can manage and mitigate risks associated with money laundering and terrorism fina..