William Hill let Brand-new Customer Bet ₤ 23,000 In 20 Minutes
William Hill let brand-new consumer bet ₤ 23,000 in 20 minutes
ByNick Edser
Business press reporter
Three betting firms owned by William Hill are to pay charges of ₤ 19.2 m for failing to safeguard consumers and weak anti-money laundering controls.
The record charge comes after the Gambling Commission discovered new customers were able to wager large amounts over brief periods without appropriate checks.
In one case, a consumer was enabled to open a brand-new account and invest ₤ 23,000 in 20 minutes with no checks.
The commission "seriously considered" suspending William Hill's licence.
It found a number of failures to guard versus possible cash laundering, with clients enabled to transfer big amounts without the service conducting suitable checks.
A single person was able to invest and lose ₤ 70,134 in a month, while another transferred ₤ 73,535 and lost ₤ 14,068 in 4 months.
"When we introduced this investigation the failings we revealed were so prevalent and alarming major consideration was offered to licence suspension," said Andrew Rhodes, the Gambling Commission's primary executive, stated:
"However, because the operator instantly recognised their failings and dealt with us to quickly carry out improvements, we instead opted for the biggest enforcement payment in our history."
Under the conditions of wagering firms' licences, companies need to carry out checks to identify and get in touch with customers who may be at threat of damage from gambling.
They need to likewise examine that the money being used to gamble originates from a legitimate source and is not associated with, or being used to support, criminal activity.
William Hill let brand-new consumer bet ₤ 23,000 in 20 minutes
ByNick Edser
Business press reporter
Three betting firms owned by William Hill are to pay charges of ₤ 19.2 m for failing to safeguard consumers and weak anti-money laundering controls.
The record charge comes after the Gambling Commission discovered new customers were able to wager large amounts over brief periods without appropriate checks.
In one case, a consumer was enabled to open a brand-new account and invest ₤ 23,000 in 20 minutes with no checks.
The commission "seriously considered" suspending William Hill's licence.
It found a number of failures to guard versus possible cash laundering, with clients enabled to transfer big amounts without the service conducting suitable checks.
A single person was able to invest and lose ₤ 70,134 in a month, while another transferred ₤ 73,535 and lost ₤ 14,068 in 4 months.
"When we introduced this investigation the failings we revealed were so prevalent and alarming major consideration was offered to licence suspension," said Andrew Rhodes, the Gambling Commission's primary executive, stated:
"However, because the operator instantly recognised their failings and dealt with us to quickly carry out improvements, we instead opted for the biggest enforcement payment in our history."
Under the conditions of wagering firms' licences, companies need to carry out checks to identify and get in touch with customers who may be at threat of damage from gambling.
They need to likewise examine that the money being used to gamble originates from a legitimate source and is not associated with, or being used to support, criminal activity.