May 7 (Reuters) - Australia's top wagering and gaming firm Tabcorp has come under regulatory scrutiny over its anti-money laundering and counter-terrorism financing processes, triggering a 28% drop in its shares on Thursday in their worst intraday trade to date.

Tabcorp said the Australian Transaction Reports and Analysis Centre (AUSTRAC) had identified "serious concerns" over its ability to identify, mitigate and manage money-laundering and terrorism-financing risks effectively.

Shares of the wagering firm crashed more than 28% to a 10-week low of A$0.825, shaving off more than A$700 million ($506.45 million) in market value.

Tabcorp plays a central role in Australia's A$30 billion bookmaking industry, with a reach spanning some 4,000 pubs, clubs and TAB outlets nationwide.

CEO Gillon McLachlan said uplifting risk capability has been a part of the company's ongoing transformation and it will work constructively with AUSTRAC through the process.

The financial crime watchdog will initially focus on whether Tabcorp has a compliant anti-money-laundering and counter-terrorism-financing programme, is adhering to that programme, and is appropriately monitoring customers, the company said.

The enforcement investigation is at an early stage and all potential outcomes remain open, including the possibility that no further enforcement action will be taken, Tabcorp said.

Tabcorp Chairman Brett Chenoweth said the board and executive are "fully committed" to collaborating with the watchdog on uplifting the company's money-laundering and terrorism-financing risk maturity.

The watchdog confirmed the investigation but said it will not comment in relation to the matter while the investigation is ongoing.

Tabcorp's top shareholders, AustralianSuper, Australian Retirement Trust and Aware Super, did not immediately respond to Reuters requests for comment.

This is not the first time Tabcorp has faced AUSTRAC scrutiny. The agency had filed civil proceedings against the company in July 2015.

Tabcorp agreed to pay A$45 million to settle the money-laundering suit with the agency in 2017. 

($1 = 1.3822 Australian dollars)

(Reporting by Sneha Kumar in Bengaluru; Editing by Subhranshu Sahu)