Australia’s financial intelligence agency has commenced an enforcement investigation into Hillside (Australia New Media), operator of bet365.
The AUSTRAC investigation will examine bet365’s compliance with anti-money laundering legislation and follows an order issued by the agency in November 2022.
The order required two corporate bookmakers, bet365 and Flutter Entertainment’s Sportsbet, to appoint external auditors under section 162 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
AUSTRAC said Thursday that it has launched the investigation following a supervisory campaign and after consideration of the external audit report on bet365.
“Corporate bookmakers must have robust systems in place to ensure they can manage and mitigate risks associated with money laundering and terrorism financing,” said Brendan Thomas, chief executive of AUSTRAC.
“Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals.”
The agency said it will be making no further comment as the investigation is ongoing.