Tabcorp Fined $35 Million

Written by:
C Costigan
Published on:
Mar/16/2017

CANBERRA, Australia (Associated Press) — An Australian court on Thursday fined gambling company Tabcorp a record 45 million Australian dollars ($35 million) for failing to comply with anti-money laundering and counter-terrorism financing obligations.

The Federal Court approved a settlement reached between the Sydney-based company and regulator AUSTRAC after finding Tabcorp breached Australia's Anti-Money Laundering and Counter-Terrorism Financing Act 108 times over five years.

Tabcorp did not have an adequate program to monitor the risk for three years and failed to report to AUSTRAC suspicious matters relating to money laundering and credit card fraud on time or at all on 105 occasions.

"This was a serious failure in the corporate governance and the size of the penalty reflects a significant and extensive noncompliance," AUSTRAC chief executive Paulo Jevtovic told reporters.

"In my view, the noncompliance arises from a corporate culture that is indifferent to money laundering and terrorism financing requirements," he added.

Tabcorp had taken important steps to improve its compliance, Jevtovic said.

Tabcorp chief executive David Attenborough said in a statement to the Australian Securities Exchange that the company was committed to working cooperatively with AUSTRAC in the future.

"We have made significant investment in enhancing our ... compliance over the past three years and remain focused on being the industry leader in regulatory compliance across all or our operations," Attenborough said.

The court action contributed to at 28 percent fall in half -year profit to AU$59 million announced last month.

Business/Financial News

Are You Ready For A Custom Pay Per Head Site?

Are You Ready For A Custom Pay Per Head Site?

Are you on the verge of looking for an internet provider that will put your business in the right direction?

Top Pay Per Head Software Will Help You Manage Your Various Business Accounts

Top Pay Per Head Software Will Help You Manage Your Various Business Accounts

While some companies just require enough capital a good place to set them up, other firms need a lot more.

Ethereum Hacker Gives Back $3 Million

Ethereum Hacker Gives Back $3 Million

Vice Media features a report on an alleged Ethereum hacker who reportedly returned some $3 million and nobody can quite understand why.

Some Of The Critical Services Offered By Pay Per Head Betting System

Some Of The Critical Services Offered By Pay Per Head Betting System

Have you ever wondered what essential services pay per head betting systems like PremierPerHead.com offer?

3 Solid Tips To Start Running a Lucrative Online Bookie Business

Running an online bookie business can be as rewarding as it is tough. But, there are 3 great tips to help agents create a lucrative business. Find them here. 

Syndicate