The AUSTRAC Chief Executive Officer (CEO) may apply for civil penalty orders under section 176 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
If the Federal Court is satisfied that a reporting entity has contravened a civil penalty provision, then the Federal Court may order a pecuniary penalty to be paid to the Commonwealth (under section 175 of the AML/CTF Act).
The pecuniary penalties are:
- to a body corporate – up to 100,000 penalty units
- to a person other than a body corporate – up to 20,000 penalty units.
|16 March 2017||
Tab Limited, Tabcorp Holdings Limited, and Tabcorp Wagering (Vic) Pty Limited ('Tabcorp’)
In July 2015, the AUSTRAC CEO made an application for a civil penalty order under the AML/CTF Act.
On 16 March 2017 the Federal Court ordered Tabcorp to pay a $45 million pecuniary penalty.