Online bookmaker Bet365 has entered a court-enforceable undertaking with the Australian Transaction Reports and Analysis Centre after regulators uncovered major gaps in its anti-money laundering controls.
AUSTRAC requires Bet365 to revamp its systems, including creating a robust ongoing risk assessment framework that is supported by clear methodologies and documented processes.
The arrangement also compels Bet365 to strengthen how it identifies and reports suspicious transactions as money laundering and terrorism financing risks change over time.
Any breach of the undertaking exposes the operator to civil penalties.
Regulatory concerns around Bet365 did not emerge overnight.
AUSTRAC ordered an independent audit of Bet365’s Australian operations in November 2022, then escalated to a formal investigation in March 2024 after reviewing those findings.
The enforceable undertaking becomes a compliance roadmap that sets legally binding obligations for how Bet365 must manage financial crime risks across its platform.
Civil penalty powers remain in reserve, and AUSTRAC can move to court if the bookmaker fails to deliver the promised reforms.
AUSTRAC’s action against Bet365 fits into a broader compliance sweep across the online wagering sector.
Regulators recently finalised a separate enforceable undertaking with Sportsbet, which was accepted in May 2024 and completed on Friday, and large betting operators are all under closer scrutiny.
Industry advisers say AUSTRAC is using these undertakings to push systemic upgrades, not just punish individual breaches.
The Bet365 case will test how quickly major bookmakers can adapt their risk frameworks to evolving anti-money laundering expectations.
