• Sun. Apr 14th, 2024

Bet365 under Investigation for AML and CTF Compliance: What does it mean for the Online Betting Industry in Australia

BySamantha Johnson

Mar 7, 2024
Australian authorities investigate Bet365, an online gambling company

Austrac, Australia’s financial crime watchdog, has launched an investigation into the UK online gambling firm Bet365 over its compliance with anti-money laundering and counter-terrorism financing laws. The investigation was initiated following a request from the Australian government for an external audit of the company in 2022, amidst increased scrutiny of the industry due to the surge in online betting during the pandemic.

Bet365 has not responded to a BBC request for comment regarding the investigation. Along with Bet365, Ladbrokes owner Entain and another rival Sportsbet are also facing investigations in Australia. Austrac investigates banks, casinos, and betting companies to ensure they have robust compliance systems in place to prevent them from profiting from the proceeds of crime.

Under Australian law, companies are required to assess customers and monitor their financial transactions to identify, mitigate, and manage the risk of money laundering or terrorist financing. Any companies found to have weak compliance systems could face fines. Major lenders like Westpac and Commonwealth Bank of Australia have been fined in recent years for breaching these laws.

In addition to legal challenges, the online betting industry in Australia also faces obstacles such as new laws banning the use of credit cards for online gambling and stricter government regulations on advertisements. Despite reporting a significant loss last year, Bet365’s chief executive Denise Coates received a pay increase, bringing her total salary over the past four years to over £1 billion.

Denise Coates founded Bet365 over 20 years ago in a portable building in a Stoke-on-Trent car park. It has since become the largest private sector employer in the UK. Known as one of Britain’s richest women and one of the highest-paid executives globally, Ms. Coates continues to lead Bet365 through these challenges in

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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