Tabcorp Accused By AUSTRAC Of Noncompliance On Money Launder

Betting giant Tabcorp "has been hit with legal action by the financial intelligence agency for ­alleged noncompliance with rules designed to stop money laundering and terrorism financing," according to Tasker & Butler of THE AUSTRALIAN. Australian Transaction ­Reports and Analysis Centre CEO Paul Jevtovic said the action taken against Tabcorp and its NSW and Victorian ­wagering businesses related to “extensive, significant and systemic” noncompliance. Shares in Tabcorp, one of the world’s largest publicly listed gaming companies, took a hit as news of the court action, which carries a maximum penalty of A$17M ($12M), was digested, falling 4.21% to A$4.77 ($3.5) (THE AUSTRALIAN, 7/23).