Tabcorp to be investigated by Australia’s anti-money laundering regulator
AUSTRAC to investigate Tabcorp’s compliance with its obligations under the AML/CTF Act
Australian operator Tabcorp Holdings is being investigated by Anti-Money Laundering watchdog AUSTRAC in relation to a compliance assessment being undertaken.
Tabcorp confirmed it has been informed by AUSTRAC that it has a number of serious concerns with Tabcorp’s ability to effectively identify, mitigate and manage its money laundering/terrorism financing (ML/TF) risks. As a consequence, AUSTRAC has advised that it has commenced an enforcement investigation. This investigation will initially focus on evaluating Tabcorp’s compliance with its obligations under the AML/CTF Act in relation to having a compliant AML/CTF Program, complying with that AML/CTF Program and appropriately monitoring customers.
AUSTRAC has advised that its investigation is at an early stage and its approach will be determined once sufficient evidence has been collected and assessed. AUSTRAC has also advised that all potential outcomes remain open, including the possibility that no further enforcement action will be taken.
Tabcorp Chairman, Brett Chenoweth, said: “Tabcorp takes its anti-money laundering and counter-terrorism financing obligations very seriously. The Board and Executive are fully committed to collaborating with AUSTRAC in the continuing uplift in Tabcorp’s ML/TF risk maturity.”
Tabcorp Managing Director and Chief Executive Officer, Gillon McLachlan, said: “I am committed to leading a compliant and safe company that understands its risk obligations. Uplifting our risk capability has been an ongoing part of the Company’s transformation and we will work constructively with AUSTRAC through this process.”
