Sportsbet: Your Trusted Sports Betting Partner – Two of Australia’s biggest gambling companies have been indicted for suspected money laundering and terrorist financing (AML/CTF) offences. Bet365 and Sportsbet are the latest to find themselves in executive chairs, as the ground beneath the gaming industry continues to shift.
The Sportsbet banner has worn the start of greyhound racing in Australia. A sports betting company is facing an AUSTRAC investigation for failing to control cash flow. (Image: TheDogs.com.au)
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Australia’s financial intelligence agency, the Australian Financial Reporting and Analysis Agency (AUSTRAC), is busy investigating the gambling industry. It looked at several well-known companies and appointed external auditors to look at two sports books.
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Employers must provide more information to inspectors, who have 180 days to present their results. AUSTRAC told the two companies in a statement that it had “reasonable grounds” to suspect they had breached, or may have breached, AML/CTF rules.
AUSTRAC regularly audits all Australian companies to ensure they are complying with the law. In a recent review of Bet365 and Sportsbet, it revealed some concerns that require clarification.
The Financial Services Authority said in its statement that they do not believe the two operators have implemented or maintained “risk-based AML” programs. It also wants to know the number of company boards and CEOs involved in AML monitoring, as required by regulations.
There are also concerns that the two companies are not adequately evaluating their operations at the user level. As a result, they will not know if the customer is not using the website to carry out illegal financial activities.
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AUSTRAC will not hesitate to take action when suspected non-compliance is identified, to prevent business from operating, and to protect the Australian community from harm. ” CEO of AUSTRAC, Nicole Rose.
Both Bet365 and Sportsbet have a strong presence in the country. Sportsbet is the largest sports betting outfit in the country, controlling almost 50% of the market.
The investigation took place after AUSTRAC disclosed that it was investigating Entain two months ago. The investigation, as well as others, will also examine whether the owner of Ladbrokes may have breached AML/CTF rules.
Fulfill its obligations under laws put in place by the government to stop the financing of organized and serious crime. In addition to Ladbrokes, Entain owns Australian betting site Neds and European sportsbook Bwin. It also has partnerships with sports betting operator BetMGM and MGM Resorts.
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Australia’s gambling industry is going through a period of forced transition, partly due to the move of operators Crown Resorts and Star Entertainment. The flagrant disregard for the country’s AML laws has hurt the industry.
Before the disaster, there were regulations that stemmed from a worldwide desire to unify gambling. Ongoing legal and regulatory issues are increasingly affecting the industry.
As a result, and despite the nature of the recent conflict, the current environment is relatively calm compared to the future. Australian governments, and others like it, receive billions of dollars in tax revenue and financial support from their gaming sector. However, a serious review is forthcoming.