An Australian government financial intelligence agency has launched a probe into British gambling company Bet365 over concerns about its adherence to anti-money laundering and counter-terrorism regulations.
The Australian Transaction Reports and Analysis Centre (Austrac) is the watchdog investigating the leading betting brand, registered locally as Hillside (Australia New Media).
Specifically, the investigation is seeking to establish if the gambling platform has met its obligations, following a supervisory campaign targeting firms within the betting sector and Austrac’s review of an external audit report on Bet365.
Brendan Thomas, Austrac CEO stated, “Corporate bookmakers must have robust systems in place to ensure they can manage and mitigate risks associated with money laundering and terrorism financing.”
“Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals,” he added.
The government body also monitors banks and casinos, those who handle large volume transactions, to ensure they have effective compliance systems in place to act as a bulwark against the flow of the proceeds of criminal activity.
Any company found in breach of its responsibilities can be fined by Austrac, with financial institutions Westpac and Commonwealth Bank of Australia being two high-profile entities to have been sanctioned in recent times.
Who owns Bet365?
Earlier this year, it was revealed Bet365 boss Denise Coates was paid around £221 million in remuneration for the last financial year, taking her overall earnings over the last four years to over £1 billion. ($1,275b).
The figure was £7m higher than the previous year with Ms Coates also receiving at least £50m worth of additional dividends, despite reported a pre-tax loss of £72.6 million for the company, compared to the £49.8 million profit they achieved in the 12 months prior.
A Sunday Times report listed the Coates family as the third-biggest taxpayers in the United Kingdom with their tax bill relating to their business interests, primarily Bet365, coming in at £375.9m ($476.02m).
Ms Coates, who is believed to be one of Britain’s richest women, founded the Bet365 website in humble beginnings, based in Stoke-on-Trent, England, where the company still has its headquarters.
The company has enjoyed a meteoric rise to becoming one of the biggest online gambling platforms in the world, contributing to Coates’ ownership of Stoke City Football Club.
Image credit: Dan Freeman on Unsplash
