Australian financial watchdog AUSTRAC has confirmed that Sportsbet has successfully addressed regulatory concerns regarding its anti-money laundering controls. The approval follows a period of remediation required by the regulator to correct identified procedural deficiencies.
Compliance Framework Adjustments
The Australian Transaction Reports and Analysis Centre previously identified serious gaps in the Flutter-owned operator's compliance framework. Specific areas of concern included the company's approach to risk assessments, ongoing customer monitoring, and the reporting of suspicious matters.
Brendan Thomas, Chief Executive Officer of AUSTRAC, noted that the operator was required to undertake significant remediation work. The regulator has now verified that Sportsbet has implemented the necessary changes to meet federal compliance standards.
Sportsbet operates as a major betting and gaming platform in Australia under the ownership of Flutter Entertainment. The company has been working to align its operational procedures with federal financial regulations.