AUSTRAC Launches Probe into bet365’s Compliance

The local subsidiary of bet365, Hillside, has been the subject of an enforcement investigation by the Australian Transaction Reports and Analysis Centre (AUSTRAC). According to AUSTRAC’s release, the inquiry centers on possible violations of Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

AUSTRAC decided to investigate Hillside’s operations after conducting a thorough supervisory campaign in the commercial wagering industry due to issues brought up throughout the audit process. This investigation was preceded by bet365’s instruction to name an outside auditor.

The goal of the inquiry is to determine if Hillside has really broken its CTF and AML regulations. To ascertain the truthfulness of the claims, AUSTRAC will make use of a variety of enforcement actions and regulatory mechanisms. The organization has reaffirmed its dedication to acting decisively when there is non-compliance.

Upholding Regulatory Responsibilities

Chief Executive Officer of AUSTRAC Brendan Thomas stressed in a statement that gaming companies play a critical role in fighting financial crimes related to the ongoing investigation. Thomas emphasized that bookies, like other authorized businesses, are responsible for stopping illegal actions including money laundering and sponsorship of terrorism.

Thomas emphasized how important it is for operators of commercial gaming to put in place strong systems that can recognize and efficiently manage risks. Those who don’t have proper procedures, Thomas said, unintentionally facilitate illegal activity and expose themselves to abuse.

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“Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals,” noted Brendan Thomas, CEO, AUSTRAC.

AUSTRAC will not release any particular information while the inquiry is ongoing. CEO Brendan Thomas and the organization use caution in following investigative procedures while the case is still pending.

The investigation demonstrates how steadfastly AUSTRAC is dedicated to maintaining regulatory norms in the gaming industry. AUSTRAC is alert and makes sure that all parties carry out their responsibilities to preserve the integrity of Australia’s financial system since fighting financial crimes carries a heavy price.

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