Tabcorp hit with $45 million fine, Australia's largest corporate slug

The Federal Court has approved a $45 million fine for gaming giant Tabcorp over non-compliance with anti-money laundering and counter-terrorism financing laws.

Australia's financial intelligence unit, AUSTRAC, took action against Tabcorp in 2015, and Tabcorp last month accepted the penalty having admitted it did not inform AUSTRAC on all occasions on which it has been suspicious of illegal betting activity.

"The penallty of $45 million sends an unequivocal message to the financial and gambling sectors in this country, if you don't take your AML (anti-money laundering) and CTF (counter-terrorism financing) obligations seriously, we will take action," AUSTRAC chief executive Paul Jevtovic said on Thursday.

Newsbreak – March 16