Thursday December 24,2015 : TABCORP LEGAL AND COMPLIANCE EXEC BOWS OUT
Formation of new risk function following money laundering accusations leaves Willcock out in the cold.
After ten years with Aussie gambling group Tabcorp as it’s regulatory and compliance executive, Kerry Willcock is leaving the company following accusations by the Australian Transaction Reports and Analysis Centre earlier this year that the company had committed over a hundred breaches of money laundering laws
In a statement, Tabcorp explained:
"Further to November's announcement regarding the establishment of a new risk function, Tabcorp is restructuring its legal and regulatory function. As a consequence of this change, Kerry Willcock will leave the business. As a key executive, she has led our corporate, legal and regulatory effort through many pivotal changes, including the demerger of the casino business in 2011."
Tabcorp is contesting most of the Austrac charges ahead of a September 2016 Federal Court trial and potential $17 million fine, according to a Sydney Morning Herald report on Willcock's departure.
The newspaper observes that the Austrac charges motivated the company to create its new risk department last month. It is led by former Macquarie Bank executive Clinton Lollback. Julian Hoskins is expected to take over as Tabcorp general counsel.
Ms. Willcock leaves on an annual salary of A$739,732 but also holds share options dependent on performance valued at around A$300,000. Her Tabcorp responsibilities as general counsel and company secretary included regulatory and government relations, corporate affairs, internal communications, responsible gambling and community affairs.
The Herald notes that the high profile Austrac charges could prove an embarrassment to the company's board, which includes many respected businessmen and women headed by Paula Dwyer.