Tabcorp shares plunge as AUSTRAC investigates compliance
Updated
Updated · MarketWatch · May 7
Tabcorp shares plunge as AUSTRAC investigates compliance
5 articles · Updated · MarketWatch · May 7
The ASX-listed bookmaker dropped 23% to A$0.89 in Sydney, exceeding its previous worst one-day fall of 21%.
Tabcorp said AUSTRAC is reviewing its anti-money laundering and counter-terrorism financing programme, compliance with it, and customer monitoring, and the company pledged to cooperate.
Chief executive Gillon McLachlan said he was committed to a compliant, safe company; in 2017, Tabcorp paid a then-record A$45 million civil penalty over similar failings.
After a record fine, is Tabcorp's latest probe a sign of deeper rot in Australia's gambling industry?
Tabcorp’s stock has plummeted. Can its new CEO fix a corporate culture regulators once called 'indifferent' to financial crime?