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Tabcorp hit with $45m fine for anti-laundering breaches

Regulators say the gambling company breached the Act 108 times over five years.
Regulators say the gambling company breached the Act 108 times over five years.Picture: Getty Images

An Australian court has fined gambling company Tabcorp a record $45 million for failing to comply with anti-money laundering and counter-terrorism financing obligations.

The Federal Court on Thursday approved a settlement reached between the Sydney-based company and regulator AUSTRAC after finding Tabcorp breached Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 108 times over five years.

AUSTRAC chief executive Paulo Jevtovic told reporters: “The non-compliance arises from a corporate culture that is indifferent to money laundering and terrorism financing requirements.”

Tabcorp chief executive David Attenborough said in a statement to the Australian Securities Exchange that the company was committed to working co-operatively with AUSTRAC in the future.

The court action contributed to at 28 per cent fall in half-year profit to $59 million announced last month.

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