May 7 (Reuters) – Australia’s financial crime watchdog has launched a probe into Tabcorp over concerns about its ability to manage money-laundering and terrorism-financing risks, the gambling company said on Thursday. • The Australian Transaction Reports and Analysis Centre (AUSTRAC) will initially focus on whether Tabcorp has a compliant anti-money-laundering and counter-terrorism-financing programme, is adhering […]
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Australia’s financial crime regulator probes Tabcorp over money-laundering risks
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May 7 (Reuters) – Australia’s financial crime watchdog has launched a probe into Tabcorp over concerns about its ability to manage money-laundering and terrorism-financing risks, the gambling company said on Thursday.
• The Australian Transaction Reports and Analysis Centre (AUSTRAC) will initially focus on whether Tabcorp has a compliant anti-money-laundering and counter-terrorism-financing programme, is adhering to that programme, and is appropriately monitoring customers.
• The enforcement investigation is at an early stage and all potential outcomes remain open, including the possibility that no further enforcement action will be taken.
• Tabcorp Chairman Brett Chenoweth said the board and executive are “fully committed” to collaborating with AUSTRAC on uplifting the company’s money-laundering and terrorism-financing risk maturity.
• This is not the first time Tabcorp has faced AUSTRAC scrutiny. The agency had filed civil proceedings against the company in July 2015.
• Tabcorp agreed to pay A$45 million ($32.56 million) to settle the money-laundering suit with the agency in 2017.
($1 = 1.3820 Australian dollars)
(Reporting by Sneha Kumar in Bengaluru; Editing by Subhranshu Sahu)