Bet365’s Australian division, Hillside (Australia New Media) Pty Ltd, has committed to addressing deficiencies in its anti-money laundering and counter-terrorism financing (AML/CTF) controls following an investigation by Austrac, the Australian Transaction Reports and Analysis Centre. The agency announced last week that a remediation plan is in place after discussions with the company.
This initiative comes after an enforceable undertaking accepted by Austrac’s chief executive, Brendan Thomas, in early July 2025. This assessment reviewed Bet365’s compliance practices from July 1, 2016, to November 2, 2022.
Austrac initially expressed concerns about Bet365 in August 2022, which led to a directive for an external audit to be completed by November of that year. Brendan Thomas emphasized the necessity for corporate bookmakers to have effective systems that manage risks related to money laundering and terrorism financing, noting that businesses without such measures risk exploitation by criminals.
Subsequent audit findings, including a report dated September 12, 2023, and an independent review in February 2025, exposed significant shortfalls in Bet365’s compliance framework. Key issues included the company’s failure to implement an adequate AML/CTF program, vulnerable to breaches under section 81 of the AML/CTF Act, and insufficient ongoing customer due diligence (OCDD) for specific clients.
Bet365 has recognized these findings and voluntarily agreed to undertake remedial action under section 197. The operator will conduct a revised risk assessment for money laundering, terrorism financing, and proliferation financing (ML/TF/PF). It will also enhance customer risk assessment models and implement improved control documentation along with testing measures.
A final auditor report is required to be submitted to Austrac by July 30, 2027, confirming the full execution of the proposed remedial actions. An interim progress report must also be provided by December 31, 2026. Austrac expects these actions to facilitate reform in AML/CTF practices and improve the identification and mitigation of emerging risks. The enforceable undertaking remains effective until Austrac formally cancels it or Bet365 chooses to withdraw.
In a separate but related matter, Austrac initiated civil penalty proceedings against Entain in December 2024 for similar AML and CTF shortcomings. Entain acknowledged existing issues within its compliance program but contested certain allegations and interpretations made by Austrac regarding the case.
