Australia’s financial crime watchdog has launched an investigation into Tabcorp over alleged deficiencies in its anti-money laundering and counter-terrorism financing controls.
Australia.- The Australian Transaction Reports and Analysis Centre (AUSTRAC) has opened an enforcement investigation into Tabcorp’s anti-money laundering and counter-terrorism financing (AML/CTF) systems. The company says that AUSTRAC identified “serious concerns” regarding its ability to effectively identify, mitigate, and manage money-laundering and terrorism-financing risks.
The regulator’s initial focus will reportedly centre on whether the operator maintains a compliant AML/CTF programme properly implemented, and whether customer activity is being adequately monitored.
Tabcorp’s share price fell more than 28 per cent yesterday and a further 14 per cent today to AUD0.76.
The company emphasised that the investigation remains at an early stage and that all outcomes remain open, including the possibility that no enforcement action is taken.
Tabcorp CEO Gillon McLachlan pledged to cooperate fully with the regulator throughout the process and said strengthening the company’s risk capabilities has been part of its ongoing transformation strategy. Chairman Brett Chenoweth added that the board and executive team were “fully committed” to working with AUSTRAC to improve the operator’s AML and counter-terrorism financing risk framework.
Australia’s financial crime watchdog has launched an investigation into Tabcorp over alleged deficiencies in its anti-money laundering and counter-terrorism financing controls. Australia.- The Australian Transaction Reports and Analysis Centre (AUSTRAC) has opened an enforcement investigation into Tabcorp’s anti-money laundering and counter-terrorism financing (AML/CTF) systems. The company says that AUSTRAC identified “serious concerns” regarding its ability…
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