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· Posted on
February 21, 2024

Australia's financial crime watchdog has its eyes on two of our biggest betting agencies. Woof woof!

Australia's financial crime watchdog is setting its eyes on two of the country's biggest betting agencies.

What's the key learning?

  • The Australian Transaction Reports and Analysis Centre (AUSTRAC) has appointed two external auditors to get up in the grill of two of Australia's biggest betting agencies - Sportsbet and Bet365.
  • AUSTRAC is putting the "whole industry on notice" because of concerns that certain groups may have contravened the Anti-Money Laundering and Counter-Terrorism Financing Act.
  • AUSTRAC launced an anti-money-laundering "enforcement investigation" into the owner of Ladbrokes last month and five years ago hit Tabcorp with a $45 million fine for dirty money in betting accounts.

👉 Background: AUSTRAC is the Australian Transaction Reports and Analysis Centre (very edgy name). It is a government agency that aims to spot money laundering, or organised crime, or even terrorism financing.

👉 What happened: And now, AUSTRAC has appointed two external auditors to get up in the grill of two of Australia’s biggest betting agencies - Sportsbet and Bet365.

👉 What else: And that ain't it because AUSTRAC is putting the “whole industry on notice” because of concerns that certain groups may have contravened the Anti-Money Laundering and Counter-Terrorism Financing Act.

What's the key learning?

💡 Sports betting… could soon start to look and feel like banking. Well, at least from a compliance perspective.  

💡We’ve already seen the heat applied to casinos like Crown Casino and Star Casino and now sports betting agencies are also under the spotlight.

💡AUSTRAC launched an anti-money-laundering “enforcement investigation” into the owner of Ladbrokes last month and five years ago hit Tabcorp with a $45 million fine for allowing customers to facilitate dirty money through their betting accounts. Next up, Royal Commission?

‍

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