The board and management of gambling giant Tabcorp should have done more to ensure that the company was meeting its anti-money laundering and counter-terrorism financing obligation, a Federal Court judge has said.

Justice Nye Perram on Friday provided his reasons for fining Tabcorp $45 million in March 2017 over breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act between July 2010 and December 2015.

Australia's financial intelligence unit, the Australian Transaction Reports and Analysis Centre, took action against Tabcorp in 2015, but the parties reached agreement on a fine in February 2017.

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