Tabcorp faces money laundering penalty

The Australian giant has agreed to pay a penalty to end a dispute over money laundering.

Australia.- Betting and gaming giant Tabcorp is looking for a way out of a case that involved allegations of money laundering in Australia. The company agreed to pay US$34.5 million.

By paying the penalty, the company is admitting non-compliance with its Anti-Money Laundering and Counter-Terrorism Financing obligations under an old program. The Australian Transaction Reports and Analysis Centre (AUSTRAC), which originally presented the charges against Tabcorp, said that it will withdraw the allegations of non-compliance. AUSTRAC launched the suit in the Federal Court in 2015 because it believed that Tabcorp failed at monitoring its costumer’s behavior according to the current legislation.

David Attenborough, CEO and managing director of Tabcorp, said that the company is firmly committed to being the industry leader in regulatory compliance across all of their operations. “We are pleased to have reached an agreement with AUSTRAC on this matter and we will continue to work co-operatively with AUSTRAC going forward,” he added.

Earlier this week, the company was also sentenced in Downing Centre Local Court after being found guilty of three counts for running illegal gambling ads in 2015. The promotion was published in both online and in paper in a newspaper in August 2015. The Magistrate who imposed the charges said that they deserved the maximum penalty since it was clear that they broke the current rules and violated the regulation.