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Tabcorp Fined $45M

Friday, 17th March 2017

Wagering giant Tabcorp has been fined $45 million for breaches of anti-money laundering and counter-terrorism financing laws, reports ABC News. The civil penalty is believed to be the highest in Australian corporate history. The Federal Court found Tabcorp failed to alert regulators to reports of suspicious behaviour on 108 occasions over more than five years. Australian Transaction Reports and Analysis Centre (AUSTRAC) chief executive Paul Jevtovic said that “the noncompliance arises from a corporate culture that is indifferent to money laundering and terrorism financing requirements." In a statement, Tabcorp chief executive David Attenborough said: “We remain firmly committed to continuing to work cooperatively with AUSTRAC into the future.” Mr Attenborough added: “We have made a significant investment in enhancing our compliance over the last three years and remain focussed on being the industry leader in regulatory compliance across all of our operations.”

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