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News Anti-money laundering Sanctions & Fines

Date: 1st Oct, 2024 Source: Australian Transaction Reports and Analysis Centre (AUSTRAC) Country: Australia Original Source

Brief

"On 30 May 2024, AUSTRAC accepted an enforceable undertaking from online betting company Sportsbet to uplift its compliance with Australia’s AML/CTF laws. This undertake represents a legally binding agreement where Sportsbet has committed to an ongoing remedial action plan to improve its AML/CTF program.

On 7 June 2024, SkyCity was ordered by the Federal Court of Australia to pay a $67 million penalty after AUSTRAC launched civil penalty proceedings against it for breaches of the AML/CTF Act.

These actions highlight the importance of AML/CTF compliance across industries and serve as a reminder that businesses must remain vigilant and proactive in their efforts to combat money laundering and terrorism financing.

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Australian Transaction Reports and Analysis Centre (AUSTRAC)

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Keep up with our latest efforts to combat financial crime

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