SBC News Voice of the Sports Betting Industry
AUSTRAC, the Australia financial intelligence unit is charging Tabcorp with failure to comply with anti-money laundering and counter terrorism financing laws.
The penalty placed by the finance body, could see Tabcorp charged with an AUS $17 million fine, for failing to meet Australian anti-money laundering compliance laws and practices.
AUSTRAC has stated to Australian media that it has gained a comprehensive document of Tabcorp’s anti laundering failures, the body has detailed that it has over 100 separate breaches of laws by Tabcorp.
Furthermore following warnings by the body, Tabcorp management had failed to undertake the necessary steps to improve its monetary processes.
Austrac Director Paul Jevtovic commented on the charges “Austrac has provided a number of opportunities for these companies to improve their standards and compliance. However, they have failed to take the necessary steps,”
“The risks are that legitimate industries which Tabcorp is responsible for can be utilised by criminal elements to launder their money, to move money and value to other criminal elements. We can’t allow that and won’t allow that to happen,”
Tabcorp management issued a corporate statement addressing the charges “Tabcorp takes its compliance obligations extremely seriously. Tabcorp is reviewing the nature of the proceedings and will inform the market of its intended response.”
At Present Tabcorp CEO David Attenborough has not spoken on the charges
