TABCORP FACES LEGAL ACTION

Written on the 22 July 2015

TABCORP FACES LEGAL ACTION
THREE Tabcorp (ASX: TAH) companies have been served in the Federal Court for non-compliance with Australia's anti-money laundering and counter-terrorism financing legislation.

The Government's Australian Transaction Reports and Analysis Centre (AUSTRAC) has initiated civil penalty proceedings against Tab, Tabcorp Holdings and Tabcorp Wagering (Vic).

The maximum civil penalty a court may currently order for this practice is $17 million.

AUSTRAC's action follows a long and comprehensive process of assessment of the Victorian business' anti-money laundering and counter-terrorism financing compliance.

AUSTRAC reports it has provided a 'number of opportunities' for these companies to improve their standards and compliance, but they have failed to take the necessary steps.

The body says this type of non-compliance provides opportunities for organised crime to exploit vulnerabilities and puts at risk the integrity of the Australian financial system.

TAH issued a statement today that it 'takes its compliance obligations extremely seriously' and 'will inform the market of its intended response'.

 

 

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter