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Sportsbet has completed the remediation work required under an enforceable undertaking with AUSTRAC, closing out a process that began after the regulator identified serious gaps in the company’s anti‑money laundering and counter‑terrorism financing controls.
AUSTRAC confirmed the undertaking is now finalised, saying Sportsbet has met all obligations set out in the agreement.
AUSTRAC CEO Brendan Thomas said the outcome reflects the agency’s expectations for reporting entities. “When AUSTRAC identifies systemic weaknesses in a reporting entity’s AML/CTF controls, we will take enforcement action to ensure those issues are addressed,” he said.
He added that Sportsbet had been required to make major improvements across its systems, controls and governance, and that AUSTRAC is satisfied those changes are now in place.
The undertaking, accepted in May 2024, followed AUSTRAC’s concerns about Sportsbet’s approach to risk assessment, customer monitoring and suspicious matter reporting.
These issues surfaced during a broader review of the corporate bookmaker sector. As part of the agreement, Sportsbet had to strengthen five core areas of its AML/CTF framework. An external auditor later provided independent assurance confirming that all required remediation had been implemented and was operational.
Thomas noted that completing an undertaking does not reduce AUSTRAC’s expectations going forward. “Completion of an enforceable undertaking does not lessen our expectations. Businesses like Sportsbet operating in higher-risk sectors must maintain robust, risk-based systems to prevent criminal exploitation.”
