Thursday 24. December, 2015

Tabcorp Restructures Following Financial Investigation

Australian wagering giant Tabcorp, has made its executive manager of corporate, legal and regulatory, Kerry Willcock, redundant after it faced pressure from its board to restructure after an investigation by the Australian Transaction Reports and Analysis Center, known as Austrac.

Austrac took legal action against Tabcorp in July, focusing on its NSW and Victorian businesses after its assessed the company’s compliance with anti-money laundering and counter-terrorism financial measures.

A source close to Tabcorp said that the board lost confidence in Ms Willcock following the outcome of the Austrac investigation and that was the motive behind their restructuring which will see the responsibility for her portfolio split.

“The Austrac events were a failure and at some point a person or people need to take responsibility for that, but you can’t say it’s all Kerry’s fault,” the person stated.

However, Tabcorp denied this was the reason for her departure and rather put it down to changes that were announced in November about a new risk function that would be developed, suggesting that legal and regulatory functions were being restructured due to this initiative.

“Kerry has been an integral part of Tabcorp’s leadership for the last ten years,” announced the spokesperson.

Ms Willcock led Tabcorp’s response to the Austrac case. Tabcorp head David Attenborough said that the company would prioritise resolving any non-compliance issues that were raised by Austrac and that they would focus on ensuring that they maintained the highest standards of compliance at all times.

In October, Tabcorp filed a defense in the case with the Federal Court stating that many matters that had been included in the case had already been addressed with Austrac and discussed over an extended period. The case will go ahead next year.

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