Enforceable undertaking follows an investigation by AUSTRAC in 2024
bet365 is strengthening its anti-money laundering controls in Australia following an investigation by financial regulator AUSTRAC.
The online bookmaker has agreed to an enforceable undertaking which requires the company to overhaul its anti-money laundering systems, including establishing a robust, ongoing risk assessment approach and strengthening how it detects and reports suspicious transactions.
AUSTRAC chief executive Brendan Thomas said: “The gambling industry processes large volumes of money at high speed, often through anonymous digital channels. This creates opportunities criminals look to exploit. This means businesses need to continuously improve their systems to assess risks and monitor for suspicious activity because when controls fall behind, the consequences extend beyond a single company.”
The enforceable undertaking sets minimum standards bet365 must meet and makes those obligations directly enforceable, with breaches attracting civil penalty consequences.
This case dates back to November 2022, when AUSTRAC ordered bet365 to appoint an external auditor under section 162 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
After considering the report of the external auditor, AUSTRAC launched an investigation in March 2024 into bet365’s AML compliance.
bet365 must provide AUSTRAC an initial progress report on its remedial action plan by the end of this year, with a final auditor report due by no later than 30 June 2027.