AUSTRAC opens early-stage AML investigation into Tabcorp
AUSTRAC has opened an enforcement investigation into Tabcorp over concerns about its management of money-laundering and terrorism-financing risks in Australia. The initial review will examine the company’s AML/CTF programme, its compliance with that programme and customer monitoring; AUSTRAC has said all outcomes remain possible, including no further action. Fitch said the investigation is not expected to affect Tabcorp’s rating immediately.
The investigation could lead to enforcement costs and scrutiny of Tabcorp’s compliance controls, although no further action remains possible.