Tabcorp Hit with Money Laundering Investigation
The regulator said the investigation is at an early stage and all enforcement outcomes remain open, while Tabcorp shares fell more than 25%.
- On Thursday, Tabcorp notified the ASX that AUSTRAC had launched an investigation into its compliance with anti-money laundering and counter-terrorism financing obligations, citing "serious concerns" about illegal activity on its platform.
- The company previously faced regulatory action in 2017, when Tabcorp was fined $45 million for breaches of the Act involving claims it failed to inform AUSTRAC of suspicious betting activity and credit card fraud.
- Market reaction was swift, with shares of the wagering giant plummeting more than 25 per cent on Thursday and wiping more than $500 million off its market value, down from a $2.63 billion capitalisation on Wednesday.
- Managing director and chief executive officer Gillon McLachlan stated he is committed to "leading a compliant and safe company" and will "work constructively with AUSTRAC," while Tabcorp Chairman Brett Chenoweth affirmed board commitment to collaborating with the regulator.
- AUSTRAC advised the investigation remains at an early stage and its "approach will be determined once sufficient evidence has been collected and assessed," with all potential outcomes remaining open, including no further enforcement action.
13 Articles
13 Articles
Sydney Morning Herald
Tabcorp hit with money laundering investigation
On Thursday morning, Tabcorp told the ASX it had received a letter from AUSTRAC that it had launched an investigation into its compliance with anti-money laundering and counterterrorism financial obligations.
Tabcorp faces AUSTRAC compliance probe
The Tabcorp Holdings Ltd (ASX: TAH) share price is under the spotlight today as the company revealed it is the subject of an AUSTRAC enforcement investigation related to anti-money laundering and counter-terrorism financing (AML/CTF) compliance. What did Tabcorp report? Tabcorp has received a formal notification from AUSTRAC regarding a compliance assessment. AUSTRAC expressed serious concerns about Tabcorp's money laundering and terrorism fina…
Tabcorp’s shares dive $500m amid money laundering investigation
On Thursday morning, Tabcorp told the ASX it had received a letter from AUSTRAC that it had launched an investigation into its compliance with anti-money laundering and counterterrorism financial obligations.
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