Sportsbet Agrees to Improve Anti-Money Laundering Measures

AML/CTF (anti-money laundering and counter-terrorism financing) regulations would be strictly enforced, according to Sportsbet, the top online betting firm in Australia.

This comes after a contract with AUSTRAC, the banking watchdog.

In order to improve its AML/CTF compliance, Sportsbet will implement a comprehensive action plan after an external audit.

To guarantee its timely completion, the plan will be periodically inspected by impartial auditors and supervised by AUSTRAC.

Brendan Thomas, CEO of AUSTRAC, said, “We will be monitoring Sportsbet throughout this process.” “There will be consequences if it does not meet its obligations.”

The importance of robust procedures in the gaming industry for thwarting financial crimes is emphasized by this agreement.

It guarantees that Sportsbet will forgo additional enforcement actions and give top priority to efficient AML/CTF procedures.

Original Story by: Inside Asian Gaming