Australian betting operator Tabcorp has been officially ordered to pay $35 million (A$45 million) for breaching anti-money laundering and counter-terrorism financing laws.

Several weeks ago, the Sydney-based company agreed to settle with the Australian Transaction Reports and Analysis Centre (AUSTRAC), after it found that Tabcorp failed to comply with the government’s Anti-Money laundering and Counter-Terrorism Financing Act (AML/CTF) for a total of 108 times over five years.

The Federal Court approved the settlement last week. The fine is believed to be the highest civil penalty imposed in Australian corporate history.

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