Australia’s Tabcorp To Pay $45m To Settle AML Claims

Tabcorp has said it will pay A$45m (€32.7m) to settle financial intelligence agency AUSTRAC’s case claiming it did not meet anti-money laundering (AML) and counter-terrorism financing (CTF) rules.

Tabcorp said it will make a number of admissions that it did not comply with AML/CTF rules in a “serious contravention”, as part of a settlement with the Australian Transaction Reports and Analysis Centre (AUSTRAC) announced today.

With AUSTRAC claiming 236 breaches of AML rules, the Australian gambling giant faced the prospect of billions of dollars in fines, as each violation carried a potential $18m penalty.

To continue reading please log in or request a demo to speak to a member of the team.

Request a Trial

Click here to request a trial