AUSTRAC orders bet365 to strengthen its AML controls after identifying serious weaknesses in its risk management and suspicious activity reporting processes

Under a legally binding enforceable undertaking, bet365 must overhaul its AML systems by improving its ongoing risk assessments, strengthening transaction monitoring, and enhancing suspicious matter reporting. The action highlights AUSTRAC’s increased scrutiny of the gambling sector, which it considers vulnerable to money laundering due to high-volume, fast-moving and often digital transactions…