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

What's Causing Bitcoin Fall These Last Few Days?

What's Causing Bitcoin Fall These Last Few Days?

The price of bitcoin continues to plummet from $8,644 USD just a few days ago to a low of $7,300 USD by Sunday. 

Man Accidentally Throws Away $60M in Bitcoin

Man Accidentally Throws Away $60M in Bitcoin

Losing one's passwords is something that haunts all bitcoin investors.  That horror recently turned a reality for one man, as detailed in the New York Post.

13-Year-Old Bitcoin Kidnap Victim Found Safe

Plus: US government opens criminal probe into bitcoin price manipulation

London Police Seize Bitcoin Worth $667,000 From Hacker

London police have seized half a million pounds ($667,000) worth of bitcoin from a prolific computer hacker in a case described as the first of its kind for the 188-year-old department.

Online Bookies Need To Use 3 Privacy Tools to Keep Their Business Safe

Pay per head agents should understand the importance of privacy tools. Understanding how online bookie agents can protect themselves and keep their players anonymous will continue to grow. Check out the 3 tools to have at your disposable right here.

Syndicate