Online bookmaker fined and ordered to comply
AUSTRAC has fined Australian online bookmaker ClassicBet Pty Ltd for breaching Australia’s anti-money laundering and counter-terrorism financing laws.
ClassicBet has paid a $10,200 infringement notice issued by AUSTRAC for its failure to apply for enrolment on AUSTRAC’s Reporting Entities Roll within the timeframe required after commencing to operate on 26 March 2014.
ClassicBet has also been given a written direction requiring it to appoint an external auditor, authorised by the AUSTRAC CEO, to
- conduct an ML/TF risk assessment
- develop and implement a compliant AML/CTF program.
AUSTRAC’s routine industry supervision activities identified ClassicBet’s failures to meet AML/CTF compliance.
AUSTRAC CEO Paul Jevtovic noted that the online bookmaking sector is recognised internationally as being particularly vulnerable to exploitation by criminals.
"All businesses providing online bookmaking services must be enrolled with AUSTRAC on the Reporting Entities Roll, and must have a program to identify, mitigate and manage their ML/TF risk.
"Enrolling with AUSTRAC enables the business to be supervised, to minimise the opportunity to be mis-used by criminals," he said.
Available for interview: AUSTRAC CEO, Paul Jevtovic APM, is available for interview.
Please contact Stakeholder Relations on:
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The infringement notice can be viewed on the Infringement notices page.
The remedial direction can be viewed on the Remedial directions page.
AUSTRAC (Australian Transaction Reports and Analysis Centre) is Australia's anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit. AUSTRAC works with law enforcement and other agencies to protect the integrity of the Australian financial system and fight serious crimes such as drug trafficking, tax evasion, fraud and people smuggling.