The Australian Transaction Reports and Analysis Centre (AUSTRAC) has said bet365 has agreed to strengthen its anti-money laundering (AML) and counter-terrorism financing (CTF) controls after “serious gaps” in the operator’s processes were found during an audit.
The watchdog said the Stoke-on-Trent-based online giant had entered into a “legally binding enforceable undertaking requiring the company to overhaul its systems”.
This is to include establishing a “robust, ongoing risk assessment approach, underpinned by clear methodology and processes and strengthening how it detects and reports suspicious transactions as risks evolve”.
The agreement comes after AUSTRAC completed an audit of bet365’s operations Down Under.
As part of the enforceable undertaking, bet365 has been set “minimum standards” by AUSTRAC which it must meet, or face potential civil penalty consequences.
The eight-page document details how AUSTRAC first contacted bet365 in August 2022 over “concerns” regarding the operators AML compliance between 2016 and 2020.
By February 2025, bet365 provided AUSTRAC with an independent review report, which the regulator said confirmed its concerns around shortcomings.
AUSTRAC said: “While holding these concerns, AUSTRAC acknowledges bet365 has demonstrated a commitment to and taken steps towards remediating its AML/CTF compliance issues.
“AUSTRAC considers that the concerns, findings and recommendations identified in the reports provide bet365 with a foundation to continue to remediate and uplift the overall design and operational effectiveness of its AML/CTF framework.”
The enforceable undertaking will require bet365 to improve its risk assessment processes and transaction monitoring programme.
Final auditor reports to AUSTRAC regarding the improvements are due to be submitted in July 2027.
AUSTRAC continues to pursue civil penalties against Entain in the Australian federal court.
On 3 July, AUSTRAC announced it had finalised its enforceable undertaking with Flutter-owned Sportsbet “after the company addressed serious deficiencies”.
Brendan Thomas, AUSTRAC CEO, said: “Gambling businesses pose an inherent money laundering risk and we are focusing on the risks to the Australian economy from money laundering through this sector.
“The gambling industry processes large volumes of money at high speed, often through anonymous digital channels. This creates opportunities criminals look to exploit.
“This means businesses need to continuously improve their systems to assess risks and monitor for suspicious activity because, when controls fall behind, the consequences extend beyond a single company.”
EGR has contacted bet365 for comment.
The post Bet365 enters enforceable undertaking after AUSTRAC probe into AML and CTF processes first appeared on EGR Intel.
Operator agrees to strengthen and improve controls after probe from Australian watchdog confirmed earlier concerns
The post Bet365 enters enforceable undertaking after AUSTRAC probe into AML and CTF processes first appeared on EGR Intel.