Tab­corp in le­gal bat­tle

Townsville Bulletin - - NEWS -

WA­GER­ING and keno op­er­a­tor Tab­corp is fac­ing le­gal ac­tion over al­le­ga­tions it has failed to com­ply with an­ti­money laun­der­ing and coun­tert­er­ror­ism fi­nanc­ing laws.

Fi­nan­cial in­tel­li­gence unit AUS­TRAC claimed it had made a long and com­pre­hen­sive as­sess­ment of Tab­corp’s com­pli­ance and it had failed to take steps to make im­prove­ments. The laws re­quire com­pa­nies to iden­tify and ver­ify cus­tomers and re­port sus­pi­cious mat­ters and trans­fers funds.

AUS­TRAC has launched civil penalty pro­ceed­ings in the Fed­eral Court, and Tab­corp faces a max­i­mum penalty of $ 17 mil­lion.

“Non- com­pli­ance of this na­ture pro­vides op­por­tu­ni­ties for or­gan­ised crime to ex­ploit vul­ner­a­bil­i­ties and puts at risk the in­tegrity of the Aus­tralian fi­nan­cial sys­tem,” AUS­TRAC said.

Tab­corp ac­knowl­edged the ac­tion say­ing it “takes com­pli­ance obli­ga­tions ex­tremely se­ri­ously”. Shares in Tab­corp dropped 4.2 per cent, to $ 4.77.

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