<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/australia" rel="" target="_blank" title="Australia's"><span>Australia's</span></a><span> </span><a href="https://www.9news.com.au/finance" rel="" target="_blank" title="financial"><span>financial</span></a><span> watchdog has launched a money laundering investigation against the country's biggest </span><a href="https://www.9news.com.au/gambling" rel="" target="_blank" title="gambling"><span>gambling</span></a><span> company.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In a statement to the Australian Securities Exchange (ASX), Tabcorp confirmed they were subject to a compliance assessment from AUSTRAC over several "serious concerns".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>These include doubts over its ability to prevent illegal activity on the platform, including money laundering and financing of terrorism.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>LIVE UPDATES:</span></strong><span> </span><a href="https://www.9news.com.au/world/us-israel-iran-war-live-updates-may-7-donald-trump-latest-world-news-headlines/9dd6d311-7b77-4efc-942d-cda690dd3921" rel="" target="_blank" title=""><strong><span>'Caught off guard': Saudi backlash forced Trump to back down</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Tabcorp said the initial investigation would focus on the company's compliance with rules and regulations, and insisted the investigation was at an early stage.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"AUSTRAC has also advised that all potential outcomes remain open, including the possibility that no further enforcement action will be taken," the statement said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>However, despite no assertion of guilt, the company's share price took a battering, dropping nearly 23 per cent when the markets opened at 10am.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/tabcorp-investigation-money-laundering/87331d1b-e45a-4717-b9b7-2a3e48b0d026" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>POLITICS:</span></strong><span> </span><a href="https://www.9news.com.au/national/farrer-by-election-liberal-senator-james-paterson-involved-in-scuffle-with-one-nation-volunteer-albury-polling-booth/b89ff0f4-df4c-4f69-824e-8dd709141dc7" rel="" target="_blank" title=""><strong><span>Liberal Senator involved in scuffle with One Nation volunteer at poll booth</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Tabcorp takes its anti-money laundering and counter-terrorism financing obligations very seriously," Chairman Brett Chenoweth said, adding the company was fully cooperating with the investigation.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Managing Director and CEO Gillon McLachlan, formerly head of the AFL, said his goal was to lead a company that falls within the law.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I am committed to leading a compliant and safe company that understands its risk obligations," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Uplifting our risk capability has been an ongoing part of the Company's transformation and we will work constructively with AUSTRAC through this process."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><strong><span>NEVER MISS A STORY:</span></strong></em><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><p><em><strong><span>Download the 9NEWS App here via</span></strong></em><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727"><em><strong><span>Apple</span></strong></em></a><span> </span><em><strong><span>and</span></strong></em><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1"><em><strong><span>Google Play</span></strong></em></a></p></li><li><p><em><strong><span>Make 9News your preferred source on Google by</span></strong></em><span> </span><a href="https://9.nine.com.au/8x987w"><em><strong><span>ticking this box here</span></strong></em></a></p></li></ul></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><em><strong><span>Sign up to</span></strong></em><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" rel="" target="" title=""><em><strong><span>our breaking newsletter here</span></strong></em></a></li></ul></div></div>