AUSTRAC has filed papers in the Federal Court against three Tabcorp group companies for extensive, significant and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing legislation.
The application and statement of claim initiates civil penalty proceedings against Tab Limited, Tabcorp Holdings Limited and Tabcorp Wagering (Vic) Pty Limited.
This action follows a long and comprehensive process of assessment by AUSTRAC of the Tabcorp Companies’ anti-money laundering and counter-terrorism financing compliance. AUSTRAC has provided a number of opportunities for these companies to improve their standards and compliance, however they have failed to take the necessary steps.
Non-compliance of this nature provides opportunities for organised crime to exploit vulnerabilities and puts at risk the integrity of the Australian financial system.
AUSTRAC works to keep dirty money out of our financial system, which helps protect the Australian community from serious and organised crime.
As we have demonstrated in this case, we are prepared to work with businesses to improve their systems and controls, but will take strong action when they fail to make the necessary improvements to address serious and systemic non-compliance.
We will continue to work with law enforcement and other agencies to address risks associated with money laundering – for the benefit of the community as a whole.
The maximum civil penalty a court may currently order for a contravention is $17 million.
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