Gambling firm Betway hit with record ₤ 11.6 m charge
12 March 2020
Online wagering firm Betway has been struck with a record penalty of ₤ 11.6 m for failings over client protection and money-laundering checks.
The Gambling Commission said Betway failed to inspect the source of funds of one client who deposited over ₤ 8m and lost over ₤ 4m in a four-year duration.
It likewise stopped working to effectively interact with a consumer who transferred and lost ₤ 187,000 in two days.
The charge package is the greatest to date faced by a UK betting company.
The Gambling Commission's examination stated the failings were connected to transactions with seven of Betway's high-spending clients.
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It stated that "as a result of an absence of factor to consider of individual consumers price and source of funds checks, the operator permitted ₤ 5.8 m of money to stream through business which has been found, or could reasonably be suspected to be, profits of criminal offense".
The commission stated the examination had actually also revealed "insufficient management oversight", including that a probe "into accountable Personal Management Licence holders" was continuing.
"the yohaig code actions of Betway suggest there was little regard for the welfare of its VIP clients or the effect on those around them," said Richard Watson, executive director at the Gambling Commission.
"As part of our ongoing programme of work to make gambling much safer, we are pressing the industry to make fast development on the areas that we think about will have the most substantial impact to secure consumers," he added.
"The treatment and handling of high-value consumers is a substantial piece of that work and operators remain in no doubt about the need to deal with the concern at speed."
