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(Reuters) – Australia’s money crime watchdog said on Thursday it had opened an investigation into British gaming company Bet365 after receiving an external audit report.
The Australian Transaction Reporting and Analysis Centre (AUSTRAC) had ordered an audit of Bet365 in November 2022 to assess its compliance with financial legislation, as well as its ability to identify and mitigate cash laundering and terrorist financing risks.
Bet365 did not respond to a Reuters request for comment.
The pressure on regulators to comply comes as online commerce has increased in Australia since the outbreak of the COVID-19 pandemic, when brick-and-mortar stores were forced to close due to lockdowns.
“Companies that don’t have good enough processes in place to manage these hazards become vulnerable to exploitation by criminals,” said Brendan Thomas, executive director of AUSTRAC.
The investigation is ongoing, AUSTRAC added.
(Reporting via Ayushman Ojha; editing by Krishna Chandra Eluri)