AUSTRAC to probe Sportsbet, Bet365 over money laundering concerns

The auditors will have 180 days to consider whether the two bookies have adopted and maintained a risk-based system to identify, mitigate and manage money laundering and terrorism financing, and whether they conduct thorough vetting of their customers as well as maintain proper managerial oversight.

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The outcomes of the audit will force Sportsbet and Bet365 to comply with anti-money laundering and counter-terrorism financing obligations, and inform AUSTRAC whether any further regulatory action is required.

A Sportsbet spokesperson said the group took its responsibilities under the Anti-Money Laundering and Counter-Terrorism Financing Act “very seriously” and would continue to work with AUSTRAC to ensure compliance.

“AUSTRAC’s notice follows a periodic compliance assessment of Sportsbet for the period of 2016 to 2020. Since then, we have enhanced our program and practices, including conducting an independent review,” the spokesperson said. “Sportsbet continues to invest heavily in anti-money laundering and counterterrorism finance compliance and in our people, processes and systems.”

A spokesperson for Bet365 said the business was “strongly committed” to complying with Australian law and was working co-operatively with AUSTRAC: “Bet365 has robust policies and procedures in place to minimise risks associated with money-laundering and counter-terrorism financing.”

The Australian government tightened the rules around gambling advertising on Wednesday, but did not ban the practice entirely. From April, the infamous “gamble responsibly” tagline will be retired and replaced with one of seven options including “chances are you’re about to lose”.

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