\n
![](\"https:\/\/readwrite.com\/wp-content\/uploads\/2024\/03\/dan-freeman-7Zb7kUyQg1E-unsplash-900x600.jpg\")
<\/p>\n [ad_1]
\n<\/p>\n
An Australian government financial intelligence agency<\/a> has launched a probe into British gambling<\/a> company Bet365 over concerns about its adherence to anti-money laundering and counter-terrorism regulations.<\/p>\n The Australian Transaction Reports and Analysis Centre (Austrac) is the watchdog investigating the leading betting brand, registered locally as Hillside (Australia New Media).<\/p>\n Specifically, the investigation is seeking to establish if the gambling<\/a> platform has met its obligations, following a supervisory campaign targeting firms within the betting sector and Austrac\u2019s review of an external audit report on Bet365.<\/p>\n Brendan Thomas, Austrac CEO stated, \u201cCorporate bookmakers must have robust systems in place to ensure they can manage and mitigate risks associated with money laundering and terrorism financing.\u201d<\/p>\n \u201cBusinesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals,\u201d he added.<\/p>\n The government body also monitors banks and casinos, those who handle large volume transactions, to ensure they have effective compliance systems in place to act as a bulwark against the flow of the proceeds of criminal activity.<\/p>\n Any company found in breach of its responsibilities can be fined by Austrac, with financial institutions Westpac and Commonwealth Bank of Australia being two high-profile entities to have been sanctioned<\/a> in recent times.<\/p>\n Earlier this year, it was revealed Bet365 boss Denise Coates was paid around \u00a3221 million<\/a> in remuneration for the last financial year, taking her overall earnings over the last four years to over \u00a31 billion. ($1,275b).<\/p>\n The figure was \u00a37m higher than the previous year with Ms Coates also receiving at least \u00a350m worth of additional dividends, despite reported a pre-tax loss of \u00a372.6 million for the company, compared to the \u00a349.8 million profit they achieved in the 12 months prior.<\/p>\n A Sunday Times report<\/a> listed the Coates family as the third-biggest taxpayers in the United Kingdom with their tax bill relating to their business interests, primarily Bet365, coming in at \u00a3375.9m ($476.02m).<\/p>\n Ms Coates, who is believed to be one of Britain\u2019s richest women, founded the Bet365 website in humble beginnings, based in Stoke-on-Trent, England, where the company still has its headquarters.<\/p>\n The company has enjoyed a meteoric rise to becoming one of the biggest online gambling platforms in the world, contributing to Coates\u2019 ownership of Stoke City Football Club.<\/p>\n Image credit: \u00a0Dan Freeman<\/a> on Unsplash<\/a><\/em><\/p>\n<\/p><\/div>\nWho owns Bet365?<\/h2>\n