Tabcorp have revealed they are being assessed by the nation’s anti-money laundering agency.
The company, in a statement, said it ‘’gives notice that it has received a letter from AUSTRAC in relation to a compliance assessment being undertaken.’’
It follows Australian wagering company Entain, who operate Ladbrokes and Neds, who are currently in legal proceedings involving AUSTRAC.
‘’Tabcorp 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,’’ the statement said
‘’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’s senior leaders committed to working with AUSTRAC’s investigators.
“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 Chairman, Brett Chenoweth, said.
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.”
