Tabcorp shares plunge amid money laundering probe | 7NEWS

2 hours ago The News Room

Tabcorp is under investigation by the financial crimes watchdog over alleged failures to properly identify and manage money laundering and terrorism financing risks. The company’s shares plunged more than 25% following the announcement, wiping over half a billion dollars off its market value. The investigation focuses on Tabcorp’s retail betting network in pubs and clubs, marking the second major regulatory issue for the gambling giant after a $45 million fine in 2017 for over 100 anti-money laundering breaches.

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