Sportsbet Upgrades AML and CTF Controls To Clear AUSTRAC Audit

Australia’s financial crime regulator AUSTRAC has concluded its anti money laundering compliance programme for Sportsbet after confirming that the Flutter-owned operator completed all necessary reforms.

The regulator noted that it had finalised the enforceable undertaking first accepted in May 2024. This follows an independent external auditor verifying that Sportsbet had strengthened its anti-money laundering and counter-terrorism financing controls.

The programme followed concerns identified during AUSTRAC’s review of Australia’s online wagering sector. Sportsbet was instructed to improve governance, risk management, customer monitoring and reporting processes.

“When AUSTRAC identifies systemic weaknesses in a reporting entity’s AML/CTF controls, we will take enforcement action to ensure those issues are addressed,” AUSTRAC CEO Brendan Thomas said. “Sportsbet was required to undertake significant remediation to uplift its systems, controls and governance. AUSTRAC is now satisfied that these requirements have been met.” 

“Completion of an enforceable undertaking does not lessen our expectations. Businesses like Sportsbet operating in higher-risk sectors must maintain robust, risk-based systems to prevent criminal exploitation.”

Sportsbet Spent Two Years Addressing Regulatory Concerns

Sportsbet first came under AUSTRAC’s scrutiny in 2022 when the regulator directed the company to appoint an independent external auditor as part of an online betting sector assessment.

This review resulted in the enforceable undertaking announced in 2024, requiring Sportsbet to improve its compliance framework under ongoing independent regulations. AUSTRAC has confirmed the fulfillment of those obligations, bringing the undertaking to an end.

Although the programme has concluded, AUSTRAC highlights unchanged expectations for operators across the industry.

“The online gambling sector faces heightened threats from identity and payment fraud and it’s important that the whole sector continues to work to mitigate these threats,” Thomas added.

“Strong AML compliance is the best way to fight financial crime – let’s work together to stamp out criminal abuse of the online gambling sector.”

Sportsbet was found guilty by AUSTRA of using a faulty compliance framework for anti-money laundering and counter-terrorism financing after an audit. This resulted in the creation of an undertaking, which the company has fulfilled by completing all the required upgrades.