Under accusations of illicit funds transference?
Australia's Financial Crimes Watchdog, AUSTRAC, reportedly investigates UK gambling giant Bet365
According to various news sources, AUSTRAC, Australia's financial crime monitoring agency, has started investigations against Bet365, a prominent UK-based betting provider. The inquiry is said to focus on assessing the company's adherence to anti-money laundering and terrorism financing regulations.
Compliance is Imperative
Since 2022, Bet365 has found itself under the scrutiny of Australian auditors, much like other gambling businesses that have received a compliance action plan from the financial watchdog.
In talks with the Financial Times, AUSTRAC CEO Brendan Thomas mentioned that no indications of individual misconduct were found in relation to Denise Coates. However, he emphasized that Bet365 should establish measures to abide by Australia's anti-money laundering and terrorism financing regulations:
Gambling companies need to have robust systems to manage and mitigate the risks linked to money laundering and terrorism financing. Businesses without proper mechanisms to address such risks may fall prey to criminal exploitation. – Brendan Thomas, AUSTRAC CEO, Source: The Financial Times*
If Bet365 is found to have flouted compliance rules, it could potentially face a significant penalty. The recent instances of Crown highlight that such penalties are not merely threats.
There hasn't been an official response from Denise Coates or Bet365 regarding the situation so far.
Denise Coates' Empire
Established in 2000 by Denise Coates, Bet365 has grown into a significant player in the global betting industry. Despite reporting losses in 2023, the company managed to attract more customers and expand its market share.
Coates, who holds the majority stake in Bet365, reportedly pocketed a yearly salary of approximately 314 million euros despite the company's fiscal struggles the previous year. This reportedly came from various investments.
Being one of Britain's wealthiest women due to her substantial income and investments, Coates is also known for her philanthropic endeavors.
Tougher Regulations in Australia
The review of Bet365 forms part of Australia's efforts to strengthen control over its gambling sector.
Lately, for instance, there has been a controversy surrounding a streaming provider in connection with gambling advertisements. Moreover, the use of credit cards for online gambling has been prohibited.
A 2022 study by the Australian Gambling Research Centre suggested that around half of all Australians aged 18 or above are at risk of problem gambling addiction. This apparent rise in gambling-related problems may be why Australia is making headlines with the tightening of gambling market regulations.
In light of Australia's intensified efforts to regulate its gambling sector, online casinos in Germany, including Bet365, have been assessing their compliance with international anti-money laundering and terrorism financing regulations, to prevent potential investigations and penalties.
Despite facing scrutiny from AUSTRAC and other financial watchdogs, Bet365 remains a popular choice for online gamblers in Germany, emphasizing the need for online casinos to prioritize compliance and responsible gambling practices.
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