AUSTRAC probes Sportsbet and Bet365 for suspected money laundering
The Australian Transaction Reports and Analysis Centre (AUSTRAC) told ABC news it has “reasonable grounds to suspect that Sportsbet and Bet365 may have contravened or are contravening the anti-money laundering and counter-terrorism financing law and rules”.
Both companies are required to submit nominations for external auditors within 28 days and hand over completed reports detailing how they have or haven’t complied with financial laws to AUSTRAC within 180 days.
The watchdog said it was putting the ‘whole (betting) industry on notice to lift their game.’
‘Sportsbet and Bet365 are amongst the largest operators in the corporate bookmaking sector,’ AUSTRAC Chief Executive Officer,’ Nicole Rose said.
‘Enforcing non-compliance is about protecting the community. Money laundering feeds organised crime. ‘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.’