Gambling firm Betway hit with record ₤ 11.6 m charge
12 March 2020
Online betting company Betway has been struck with a record charge of ₤ 11.6 m for failings over consumer protection and money-laundering checks.
The Gambling Commission said Betway stopped working to check the source of funds of one client who transferred over ₤ 8m and lost over ₤ 4m in a four-year duration.
It likewise failed to effectively connect with a customer who deposited and lost ₤ 187,000 in two days.
The penalty bundle is the most significant to date dealt with by a UK gaming company.
The Gambling Commission's examination stated the failings were linked to negotiations with 7 of Betway's high-spending consumers.
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It said that "as a result of a lack of consideration of private clients cost and source of funds checks, the operator permitted ₤ 5.8 m of money to stream through business which has actually been discovered, or might fairly be presumed to be, proceeds of criminal offense".
The commission stated the investigation had also revealed "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 welfare of its VIP customers or the yohaig code effect on those around them," said Richard Watson, executive director at the Gambling Commission.
"As part of our ongoing program of work to make gambling much safer, we are pushing the market to make fast development on the locations that we consider will have the most substantial impact to protect customers," he added.
"the yohaig code treatment and handling of high-value customers is a significant piece of that work and operators remain in no doubt about the need to deal with the issue at speed."
