Any contravention of theAnti-Money Laundering and Counter-Terrorism Financing Act 2006will result in the English gaming giant facing millions of dollars in penalties and other regulatory crackdowns. Bet365 is the second international wagering giant with a presence in Australia to face an AUSTRAC probe. Entain,the owner of Ladbrokes and Neds in Australia,is awaiting the outcome of a similar investigation into its operations launched last year.
The maximum fine for breaching the Act is $22 million.
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AUSTRAC chief Brendan Thomas said wagering groups must have robust systems in place to manage the risk of money laundering and terrorism financing.
“Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals,” he said in a statement.
The regulator issued rival gambling giant Tabcorp a $45 million penalty in 2017 after a similar investigation,which exposed 108 contraventions of the anti-money laundering and counter-terrorism financing laws over a five-year period.
It was the highest ever civil penalty in corporate Australian history at the time.