The Federal Court of Australia has approved a settlement under which Tabcorp will pay the Australian Transaction and Analysis Centre a penalty of AU$45m, the highest ever civil penalty in Australian corporate history.
The court found the company failed to have a compliant programme for over three years to manage the risks of money laundering and terrorism financing, give Austrac reports about suspicious matters on time or at all on 105 occasions and identify a customer who collected $100,000 in winnings.
Tabcorp managing director and CEO, David Attenborough, said: “Tabcorp is pleased to have concluded the proceedings. We remain firmly committed to continuing to work co-operatively with Austrac
