In the realm of financial crime prevention within the gambling industry, Tabcorp stands as a pivotal player, operating designated services across numerous venues throughout Australia. Despite the decentralized nature of their operations, involving over 3,500 trained operators in venues not owned by Tabcorp, the company remains steadfast in its commitment to combatting financial crime. We had the opportunity to delve into the complexities faced by Tabcorp with Richard Storey, General Manager - Risk & Compliance, Group AMLCO from Tabcorp, exploring their unique challenges, innovative strategies, and the importance of collaboration in safeguarding against illicit activities.

What are some common challenges you face in detecting and preventing financial crime in the gambling industry?

Tabcorp offers designated services in nearly 4,000 venues across all states and territories of Australia (except WA). Our facilities are operated by over 3,500 trained operators and yet the venues aren’t owned by Tabcorp and the operators are not our employees. This is probably not a common challenge for the rest of the industry but for us it’s certainly one of the challenges that occupies a lot of our time, thought and investment.

How do you stay updated on the latest trends and techniques used by financial criminals?

Data analytics, reports of unusual behaviour, industry media, research and conferences such as this!

What technologies or tools are essential for your work in combating financial crime?

Seems like too many! Identity verification, client onboarding software, OCDD tech and data, ECDD research providers, government data sources, WorldCheck, AI, case management and transaction monitoring software, regulatory intelligence providers, fraud detection and prevention software.

How important is collaboration with other organisations and agencies in your efforts to combat financial crime?

Increasingly important. We have regulators in each state or territory as well as federal regulators and having strong, growing relationships with each is important and will continue to be more so. In addition, developing partnerships throughout financial services as well as (where appropriate) with other similar organisations to ours will also allow us to strengthen and mature our prevention of financial crime.

What are you most looking forward to about this year’s Australian Financial Crime conference?

Learning from colleagues – networking!

For more like this join us at the Australian Financial Crime Summit on the 2nd - 4th September 2024. For more information check out our event agenda here