Bet365 faces scrutiny over compliance issues in Australia

Australia's financial crime watchdog has probed UK online gambling company Bet365 over its compliance with anti-money laundering and counter-terrorism financing regulations.
Australia's financial crime watchdog has probed UK online gambling company Bet365 over its compliance with anti-money laundering and counter-terrorism financing regulations.

Australia’s financial crime watchdog has probed UK online gambling company Bet365 over its compliance with anti-money laundering and counter-terrorism financing regulations.

The Australian Transaction Reports and Analysis Centre (Austrac) ordered an external audit of Bet365 in 2022, amid increased scrutiny of the online betting industry. Bet365 has yet to respond to requests for comment regarding the matter.

Rising Industry Scrutiny

The surge in online betting during the pandemic has led to heightened regulatory attention on the industry. Austrac CEO Brendan Thomas emphasized the importance of robust compliance systems in preventing businesses from being exploited by criminals.

Compliance Requirements and Potential Penalties

Under Australian law, firms in the betting industry are mandated to assess customers and monitor financial transactions to mitigate the risk of money laundering or financing terrorism. Companies found with inadequate compliance systems could face fines.

Also read: John Lewis and Waitrose increase pay for store workers

Other Industry Players Under Investigation

In addition to Bet365, Ladbrokes owner Entain has been under investigation in Australia since 2022, while Sportsbet is facing an external audit. Austrac has a track record of imposing fines on major lenders for breaches of anti-money laundering laws.

Challenges Facing Online Betting in Australia

The online betting sector in Australia is grappling with various challenges, including new laws prohibiting the use of credit cards for online gambling and stricter federal government regulations on advertising.

Denise Coates’ Compensation

Despite regulatory challenges, Bet365’s chief executive Denise Coates received a significant pay increase, with her total salary over the past four years surpassing £1 billion. 

Coates, one of Britain’s richest women, founded Bet365 over two decades ago and has since transformed it into the UK’s largest private sector employer.

Gary Monroe

Gary Monroe is a seasoned contributor to the Los Angeles Business Magazine, where he offers insightful analysis on local business trends and economic developments. With a focus on Los Angeles' dynamic commercial landscape, Gary's articles provide valuable perspectives for entrepreneurs and business professionals in the city.

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