1. #1
    Hareeba!
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    See what can happen to a bookie which doesn't comply with strict laws


  2. #2
    Optional
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    That's interesting.

    It says the maximum fine is $17mil in this article from when the issue first came up

    http://www.sbs.com.au/news/article/2...ustrac-concern
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  3. #3
    Hareeba!
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    Quote Originally Posted by Optional View Post
    That's interesting.

    It says the maximum fine is $17mil in this article from when the issue first came up

    http://www.sbs.com.au/news/article/2...ustrac-concern
    Probably converted to USD?

  4. #4
    Optional
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    Quote Originally Posted by Hareeba! View Post
    Probably converted to USD?
    I was thinking it meant there was multiple breaches or it was more serious than just a small error in procedure.



    Either way it's a good point you make with the thread and helps explain why sometimes books seem a bit unreasonable in enforcing money laundering rules over small amounts of money.
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  5. #5
    tsty
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    What was the mistake?

    Guessing the fact that most people can just bet cash at the tab?

  6. #6
    Optional
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    Quote Originally Posted by tsty View Post
    What was the mistake?

    Guessing the fact that most people can just bet cash at the tab?
    There was a famous NRL rugby league game in 2010 where a Cowboys player conspired to rig the first score market.

    Tabcorp told the NRL and the Police but didnt report the suspicious betting patterns to Austrac.

    That's what kicked off the case but I guess a fair bit more came of it from the size of the settlement. Comes across as a bit of a hush up really.




    AUSTRAC said earlier this week that it had made a long, comprehensive assessment of Tabcorp's anti-money laundering and counter-terrorism financing compliance, and that the company had failed to take steps to make improvements.

    AUSTRAC claims that on dozens of occasions, Tabcorp Holdings, Tab Ltd and Tabcorp Wagering (Vic) failed to provide timely reports on suspicious matters that may be related to credit betting, credit card fraud or other illegal activity.

    AUSTRAC also claimed that betting services were provided without Tabcorp having adopted or maintained the anti-money laundering and counter-terrorism financing program applicable to it.

    Furthermore, AUSTRAC claimed that betting services were sometimes provided without the proper customer identification procedures.
    Last edited by Optional; 02-17-17 at 10:54 AM.
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  7. #7
    tsty
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    I thought that rugby match was the reason pinnaclebet was closed down too since they couldn't check who was betting on the site

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