Tabcorp said it is maintaining its dividend targets this year after a Federal Court approved a A$45 million ($35 million) penalty to settle a case with financial intelligence agency Austrac.
The Australian Transaction Reports and Analysis Centre brought the case against Tabcorp in 2015 for compliance deficiencies relating to anti money laundering and counter-terrorism financing provisions.
The wagering firm, which will also need to pay AUSTRAC’s legal costs, said the penalty will be recognised as an expense in its financial statements for the year to the end of June.
The wagering company said its dividend target remains the greater of more than 90 percent of net profit after tax before significant items and the amortization of the Victorian Wagering and Betting license, or $0.24 a share.
The company said it looks forward to working with AUSTRAC in the future and has made significant investments in its AML and CTF compliance over the past three years. It said it will remain focused on being the industry leader in regulatory compliance.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
On 3 April 2020, the Ministry of Home Affairs of Singapore (MHA) announced that it will be reconstituting the Casino Regulatory Authority (CRA) to establish the Gambling Regulatory Authority (GRA) by 2021. The GRA will have an expanded mandate to regulate the entire gambling landscape in Singapore and aims to consolidate and optimize gambling regulatory resources within a single agency.
The Macau Civil Servants Association has urged Chief Executive Ho Iat Sent to encourage the other five gaming operators to follow SJM Holdings in providing a "reward" to employees early in the New Year.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.