TLDR Sportsbet has finished all remediation work required under a 2024 enforceable undertaking with AUSTRAC. AUSTRAC confirmed the agreement is now closed after an independent auditor verified the changes. The undertaking followed concerns about risk assessment, customer monitoring, and suspicious matter reporting. Sportsbet had to improve five core areas of its anti-money laundering framework. AUSTRAC said finishing the undertaking does not lower its expectations going forward.
Sportsbet has finished the remediation work required under an enforceable undertaking with AUSTRAC. The agreement is now closed after a multi-year process.
AUSTRAC is Australia’s financial intelligence and regulatory agency. It oversees anti-money laundering and counter-terrorism financing rules for businesses across the country.
The regulator confirmed the undertaking is finalized. It said Sportsbet has met every obligation listed in the agreement.
What Led to the Undertaking
AUSTRAC accepted the enforceable undertaking in May 2024. The action came after the agency found gaps in Sportsbet’s anti-money laundering controls.
These gaps were tied to how the company handled risk assessment, customer monitoring, and suspicious matter reporting. The concerns surfaced during a wider review of the corporate bookmaker sector.
As part of the agreement, Sportsbet had to strengthen five core areas of its compliance framework. This included updates to systems, internal controls, and governance practices.
An external auditor was brought in to check the work. That auditor confirmed all required changes had been put in place and were functioning as intended.
AUSTRAC CEO Brendan Thomas spoke about the outcome. He said the result reflects what the agency expects from reporting entities across Australia.
“When AUSTRAC identifies systemic weaknesses in a reporting entity’s AML/CTF controls, we will take enforcement action to ensure those issues are addressed,” Thomas said.
He added that Sportsbet was required to make sweeping improvements. AUSTRAC has since reviewed those changes and