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.