Tabcorp faces new allegations from financial regulator

Tabcorp will be facing new charges after Australia’s financial intelligence agency increased its case against the wagering giant with new allegations, local media reports.

Australia’s financial intelligence agency is increasing its case against Tabcorp with new allegations against the wagering giant, local media reports.

The Australian Transaction Reports and Analysis Centre (Austrac) and Tabcorp were originally due to face Federal Court in September after claims Tabcorp had failed to inform the regulator that more than 30 TAB accounts were opened to filter fraudulent credit cards for organized crime figures.

“Tabcorp advises that today AUSTRAC has been granted leave to file an amended Statement of Claim, containing further alleged contraventions under Tabcorp’s former AML/CTF Program,” said Tabcorp in a filing to the Australian Stock Exchange on Wednesday.

“It should be noted that in 2015 Tabcorp adopted a new AML/CTF program, which included substantial investment in enhanced capability, processes, systems and controls that underpin this new program,” the wagering giant added.

That court hearing has now been pushed back until June 6, 2017.

SHARE

Related Articles

Tabcorp EBITDA hit from power outage less than $10 million

Tabcorp said a power outage that took out its systems over the weekend caused it to lose wagering turnover over the weekend, but the hit to EBITDA will be less than $10 million. It says its systems have now largely been restored. 
Australia tabcorp

Tabcorp digital turnover grows, though group posts loss

Tabcorp digital turnover outstripped retail turnover for the first time in a full year after Covid-19 forced the closure of its outlets and tipped the group to an $870 million ($631.8 million) loss.

Tabcorp secures debt waivers as part of Covid-19 response

Australian wagering giant Tabcorp announced it has secured agreement from its bank lenders for a waiver of leverage and interest cover covenants in response to the financial impact of the Covid-19 pandemic.  The waiver is related to its Syndicated Facility Agreement, representing facilities of A$2.2 billion (US$1.6 billion), according to a company filing. As of […]

Tabcorp lottery segment drives FY20H1 revenue

Australian wagering giant Tabcorp announced a 4.4 percent increase in group revenue for the first half of the 2020 financial year, driven by performance in its lotteries business.  The company said that it registered more than 300,000 new customers in the past six months – translating to strong growth in both digital and retail lotteries […]