Sportsbet pledges to comply with Australia’s anti-money laundering laws

Sportsbet pledges to comply with Australia’s anti-money laundering laws

Article brief provided by Reuters
  • Reuters
May 30, 2024 1:38 PM

Online betting company Sportsbet pledged to manage the risks associated with money laundering and terrorism financing in an undertaking given to the Australian Transaction Reports and Analysis Centre (AUSTRAC), the financial crimes regulator said on Thursday.

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“The enforceable undertaking is designed to help prevent Sportsbet becoming a place criminals can funnel their illicit funds through,” AUSTRAC CEO Brendan Thomas said.

“This undertaking will ensure that Sportsbet commits sufficient resources to adequately implement its remediation program promptly, or risk further enforcement action,” Thomas added.

AUSTRAC had first ordered an audit of Sportsbet, owned by London-based Flutter Entertainment (FLTRF.L), opens new tab, in 2022, as online betting surged in Australia after the outbreak of the COVID-19 pandemic forced physical shopfronts to shut.