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bet365 has been directed to carry out a major overhaul of its anti‑money laundering systems after AUSTRAC found serious weaknesses in how the bookmaker manages risk and reports suspicious activity.
The company has entered into a legally binding enforceable undertaking that requires it to strengthen its framework, including building a clear and ongoing risk assessment process and improving how suspicious transactions are detected and reported.
AUSTRAC said the action follows an investigation triggered by an independent audit of bet365’s operations.
AUSTRAC chief Brendan Thomas stressed the importance of strong controls in the gambling sector. “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,” he said.
He added that bet365 had been required to undertake significant remediation to uplift its systems, controls and governance, and that AUSTRAC is now satisfied those requirements have been met.
The enforceable undertaking sets out minimum standards bet365 must meet, making those obligations directly enforceable under the law. Any breach could attract civil penalties both under the undertaking and the Act.
AUSTRAC explained that these standards are not unique to bet365 but reflect expectations for all reporting businesses.
Thomas noted, “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.”
The action against bet365 is part of a broader push by AUSTRAC to tighten oversight of gambling operators. The regulator is currently pursuing Federal Court action against Entain Group and has previously taken enforcement measures against Sportsbet.
