Gambling firm Betway has been fined a record £11.6m over failures to prevent money laundering and problem gambling.
The settlement involves the treatment of high-spending “VIP” customers that were not asked questions over the large amounts of money they were gambling. This included one customer that deposited £8m and lost half of it without any source of funds checks or questions regarding problem gambling.
A Gambling Commission investigation showed that Betway allowed £5.8m to flow through the business, some of which was stolen money.
Online gambling operator Betway has agreed to pay a penalty of £11.6 million for a series of social responsibility and money laundering violations connected to the accounts of seven of its “VIP” customers. In one case, Betway failed to do the source checking of funds from a “VIP” customer who deposited more than £8m. Gambling firm Betway has been fined a record £11.6m over failures to prevent money laundering and problem gambling. The settlement involves the treatment of high-spending “VIP” customers that were. Betway was found to have not carried out the required checks, and the fact that the failures stemmed between November 2014 and November 2017 warranted the higher fine amount. One of these customers deposited more than £8 million and lost £4 million during the period, and the regulator found 51 times that Betway should have intervened with the.
Richard Watson, the regulator’s executive director, said: “The actions of Betway suggest there was little regard for the welfare of its VIP customers or the impact on those around them.”
“We have set tight deadlines for when we expect to see progress and if we do not see the right results then we will have no choice but to take further action,” said Watson.
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“This case highlights again why progress needs to be made.”
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According to the commission’s statement, the company accepted the failings and has taken measures to improve its systems. The Betway case is the largest penalty package ever in the UK.