Gambling company Tabcorp has been hit with the largest civil penalty in Australian history for breaching anti-money laundering and counter-terrorism financing laws.
The punting giant was fined $45 million - the largest penalty Australia has seen.
Australian Transaction Reports and Analysis Centre (AUSTRAC) CEO Paul Jevtovic said that the penalty was justified.
"Its money laundering and terrorism financing function was at times under-resourced and Tabcorp senior management didn't regularly receive reports in relation to the money laundering and terrorism finance compliance," Mr Jevtovic said.
"It wasn't until AUSTRAC drew these deficiencies to the attention that they have been found out.
"This was a serious failure in the corporate governance and the size of the penalty reflects a significant and extensive noncompliance.
"In my view, the noncompliance arises from a corporate culture that is indifferent to money laundering and terrorism financing requirements."