February 15, 2017 / 9:52 PM / a year ago

BRIEF-Tabcorp enters agreement with AUSTRAC to resolve Federal Court proceedings between parties

Feb 16 (Reuters) - Tabcorp Holdings Ltd

* AUSTRAC proceedings resolved

* Has entered into an agreement with AUSTRAC to resolve federal court proceedings between parties.

* Parties will seek orders from court that Tabcorp pays a penalty of $45.0 million

* parties will approach court within seven days to seek an order that tabcorp pays above amount

* AUSTRAC will withdraw remaining allegations of non-compliance.

* will make a number of admissions of non-compliance with its anti-money laundering and counter-terrorism financing obligations

* investment is scalable and transferrable, including in context of Tabcorp’s proposed combination with tatts group

* AUSTRAC will withdraw remaining allegations of non-compliance.

* fy17 dividend target remains greater of 90% of npat before significant items and amortisation of victorian wagering and betting licence or 24 cents per share

* if court agrees to make orders sought, tabcorp will recognise expense in its financial statements for year ending 30 June 2017 Source text for Eikon: Further company coverage:

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