Gambling Firm Betway Hit with Record ₤ 11.6 M Penalty
Gambling company Betway hit with record ₤ 11.6 m charge
12 March 2020
Online betting firm Betway has been struck with a record penalty of ₤ 11.6 m for failings over consumer defense and money-laundering checks.
The Gambling Commission said Betway stopped working to inspect the source of funds of one customer who transferred over ₤ 8m and lost over ₤ 4m in a four-year period.
It likewise failed to effectively communicate with a customer who transferred and lost ₤ 187,000 in two days.
The penalty plan is the biggest to date faced by a UK gambling firm.
The Gambling Commission's investigation said the failings were connected to transactions with 7 of Betway's high-spending consumers.
William Hill site Mr Green to pay ₤ 3m charge
'My spouse took ₤ 300,000 to money his gambling practice'
It stated that "as a result of an absence of factor to consider of individual customers price and source of funds checks, the operator permitted ₤ 5.8 m of cash to flow through business which has actually been discovered, or could reasonably be thought to be, earnings of criminal activity".
The commission said the examination had likewise exposed "inadequate management oversight", including that a probe "into responsible Personal Management Licence holders" was continuing.
"The actions of Betway recommend there was little regard for the well-being of its VIP clients or the effect on those around them," said Richard Watson, executive director at the Gambling Commission.
"As part of our continuous program of work to make betting much safer, we are pressing the market to make quick progress on the areas that we consider will have the most considerable effect to secure consumers," he included.
Gambling company Betway hit with record ₤ 11.6 m charge
12 March 2020
Online betting firm Betway has been struck with a record penalty of ₤ 11.6 m for failings over consumer defense and money-laundering checks.
The Gambling Commission said Betway stopped working to inspect the source of funds of one customer who transferred over ₤ 8m and lost over ₤ 4m in a four-year period.
It likewise failed to effectively communicate with a customer who transferred and lost ₤ 187,000 in two days.
The penalty plan is the biggest to date faced by a UK gambling firm.
The Gambling Commission's investigation said the failings were connected to transactions with 7 of Betway's high-spending consumers.
William Hill site Mr Green to pay ₤ 3m charge
'My spouse took ₤ 300,000 to money his gambling practice'
It stated that "as a result of an absence of factor to consider of individual customers price and source of funds checks, the operator permitted ₤ 5.8 m of cash to flow through business which has actually been discovered, or could reasonably be thought to be, earnings of criminal activity".
The commission said the examination had likewise exposed "inadequate management oversight", including that a probe "into responsible Personal Management Licence holders" was continuing.
"The actions of Betway recommend there was little regard for the well-being of its VIP clients or the effect on those around them," said Richard Watson, executive director at the Gambling Commission.
"As part of our continuous program of work to make betting much safer, we are pressing the market to make quick progress on the areas that we consider will have the most considerable effect to secure consumers," he included.