TABCORP FACES LEGAL ACTION

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'.

 

Subscribe Now!
Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Zip co-founder Larry Diamond heading back to Australia after new US CEO takes the helm

Zip co-founder Larry Diamond heading back to Australia after new US CEO takes the helm

Zip Co (ASX: ZIP) co-founder and US chief executive officer Larry D...

Telstra to disconnect 2,800 jobs in a bid to cut costs by $350m

Telstra to disconnect 2,800 jobs in a bid to cut costs by $350m

Australia's largest telecommunications company Telstra (ASX: TL...

US giant Hard Rock flatly denies it is planning a takeover play for The Star

US giant Hard Rock flatly denies it is planning a takeover play for The Star

Hard Rock International has firmly hosed down rumours that it is pa...

MediSecure data breach: why is health data so lucrative for hackers?

MediSecure data breach: why is health data so lucrative for hackers?

The latest large-scale ransomware attack on a health technology pro...