Gaming giant Tabcorp has agreed to pay a $45 million penalty plus legal costs to AUSTRAC to resolve proceedings related to non-compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
Tabcorp says it will make a number of admissions of non-compliance, but has since made significant investments to boost its AML & CTF compliance, adding that its program deficiencies were not intentional.
Australia's financial intelligence unit took action against the company in 2015, and Tabcorp has previously admitted it did not inform AUSTRAC on all occasions it has been suspicious of illegal betting activity.
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