Bet365. £582,120 fine for failure to apply AML and to protect vulnerable customers.
04/04/2024
Bet365, the online gambling has been fined £582,120 after failing to prevent potential money laundering and protect vulnerable customers.
Bet365,
- Did not carry out meaningful checks on high-risk punters, according to the Gambling Commission.
- Did not carry out financial sanctions checks on new customers,
- Did not carry out make independent verification checks, and
- Relied too heavily on customers’ annual self-verification of their identities.
Kay Roberts, executive director of operations at the Gambling Commission, said:
- “The policy and procedural failings may not have been as severe as those at other gambling businesses in recent years but they were failings none the less.
- “We expect high standards from operators in terms of keeping gambling safe, fair and crime-free, and will always take action to correct any failings.
- This operator is very aware that a repeat of these failings will result in escalating regulatory action.”
Bet365 was approached for comment.
Source
https://www.telegraph.co.uk/business/2024/04/04/bet-365-betting-empire-fined-gambling-commission/
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