Regulator opened an investigation into sports betting operator after obtaining an external audit report.
The Australian Transaction Reports and Analysis Centre ordered an audit of bet365 in November 2022 to audit potential money laundering breaches.
“Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals,” said AUSTRAC CEO Brendan Thomas. Online sports betting has surged in Australia since 2020 when the COVID-19 pandemic forced physical storefronts to shut due to lockdowns. , AUSTRAC ordered bet365’s operations in Australia to appoint external auditors in 2022 at its own cost in a move that was said to put the gambling sector on notice about the watchdog’s emphasis on compliance and protecting the integrity of Australia’s financial system.
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