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The Australian Transaction Reports and Analysis Centre (AUSTRAC) has initiated a formal investigation into Bet365, a major player in the corporate bookmaking sector. The investigation aims to assess whether Bet365 has been compliant with anti-money laundering (AML) and counter-terrorism financing (CTF) laws. This development comes as part of AUSTRAC’s broader supervisory campaign of the corporate bookmaking sector.
Bet365’s investigation is significant, as any contravention of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 could result in substantial penalties and regulatory action. This is the second investigation into an international wagering giant with a presence in Australia, with Entain, the owner of Ladbrokes and Neds, currently awaiting the outcome of a similar probe.
AUSTRAC Chief Brendan Thomas emphasized the importance of robust systems for managing the risks of money laundering and terrorism financing. He highlighted that businesses without adequate processes are vulnerable to exploitation by criminals. The maximum penalty for breaching the Act is $22 million, showcasing the seriousness of non-compliance.
AUSTRAC’s previous actions, such as issuing a $45 million penalty to Tabcorp in 2017, underscore the regulator’s commitment to enforcing AML and CTF laws. The outcome of Bet365’s investigation could set a precedent for how AUSTRAC deals with similar cases in the future, impacting not only Bet365 but the entire wagering industry.
Bet365 declined to comment on the ongoing investigation. However, the industry is already feeling the pressure, as Bet365 and Sportsbet were previously directed by AUSTRAC to appoint external auditors to assess their compliance. This underscores the regulator’s intent to hold the entire wagering industry accountable.
The investigation into Bet365 by AUSTRAC serves as a stark reminder to all businesses, especially those in the gaming and wagering sector, of the importance of regulatory compliance. It highlights the need for robust systems to prevent money laundering and terrorism financing, ultimately ensuring a fair and transparent industry.
In conclusion, the outcome of AUSTRAC’s investigation into Bet365 will not only impact the company but also set a precedent for regulatory actions in the wagering industry. Compliance with AML and CTF laws is crucial, and businesses must prioritize these efforts to avoid hefty penalties and regulatory scrutiny.### Meta Description: AUSTRAC investigates Bet365 for potential breaches of anti-money laundering and counter-terrorism financing laws. The outcome could have significant implications for the company and the wagering industry.
Tabcorp, one of Australia’s largest wagering giants, has recently settled a significant money laundering case with AUSTRAC, the government’s financial intelligence agency, agreeing to pay $45 million. The settlement stems from a civil suit filed by AUSTRAC in 2015, alleging that Tabcorp had failed to comply with anti-money laundering and counter-terrorism financing laws.
AUSTRAC’s initial concerns arose from Tabcorp’s alleged failure to monitor customer behavior as required by law. The agency later expanded its claim, citing a total of 236 breaches by the gaming company. Each contravention carried a potential penalty of $18 million, posing a significant financial risk to Tabcorp.
Tabcorp has admitted to the contraventions but maintains that they were not deliberate breaches of the law. The company has pledged to improve its monitoring of customer transactions to prevent future money laundering activities. In a statement to the Australian Securities Exchange, Tabcorp’s chief, David Attenborough, expressed the company’s satisfaction with the settlement and commitment to working cooperatively with AUSTRAC.
The settlement of the money laundering case is a crucial development for Tabcorp, as it is currently pursuing an $11 billion merger with Tatts Group, another gaming giant. Removing this legal hurdle is expected to facilitate the merger process, which has been in the works for some time.
In addition to the financial settlement, Tabcorp has implemented several measures to improve its compliance with anti-money laundering and counter-terrorism financing laws. These include the introduction of a new internal monitoring program, the hiring of a chief risk officer, and the expansion of its financial crime risk team.
Tabcorp’s settlement with AUSTRAC highlights the importance of regulatory compliance in the gaming industry. The case serves as a reminder to companies operating in this sector to ensure they have robust systems in place to monitor and prevent money laundering activities. Moving forward, Tabcorp’s commitment to enhancing its compliance measures will be closely monitored, especially as it navigates its merger with Tatts Group.
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