Key facts
- AUSTRAC has cleared the online betting firm Sportsbet.
- Sportsbet completed required improvements to its anti-money laundering controls.
- Sportsbet admitted to serious deficiencies two years ago.
- The clearance signifies the end of a period of scrutiny for Sportsbet.
- Sportsbet has met required standards for preventing financial crime.
AUSTRAC, Australia's financial crime watchdog, has announced that the online betting firm Sportsbet has been cleared. This decision comes after Sportsbet successfully completed the necessary improvements to its anti-money laundering (AML) controls. The company had previously admitted to serious deficiencies in its AML systems two years prior to this clearance. The completion of these remediation efforts marks the end of a significant period of oversight and required action for Sportsbet. The watchdog's clearance indicates that Sportsbet has met the required standards for preventing financial crime through its operations. This development allows Sportsbet to move forward without the immediate threat of further regulatory action related to its past AML shortcomings.