UK Gambling Commission Fines Bet365 for Anti-Money Laundering

For failings in social responsibility and anti-money laundering, the UK Gambling Commission fines Bet365 £582,120.

After conducting a comprehensive regulatory investigation, the UK Gambling Commission fined Bet365, a well-known sportsbook and online gambling provider, a substantial £582,120 ($734,926).

Significant shortcomings in social responsibility and anti-money laundering procedures within Bet365’s UK-licensed businesses led to the fine.

Bet365’s bingo and casino products are overseen by Hillside (UK Gaming) ENC, which will be fined £343,035 ($433,081), while its betting services are managed by Hillside (UK Sports) ENC, which will be fined £239,085.

According to a settlement agreement with the Gambling Commission, all of the money will go to charities that support social responsibility.

These defects were found by the commission in March 2022 while conducting a compliance audit. Both the anti-money laundering and social responsibility procedures had flaws.

Situations when customer encounters lacked tailored strategies based on individual risk levels, rendering them ineffective, highlighted inadequate social responsibility.

Moreover, proactive intervention was limited since Bet365’s Early Risk Detection System was unable to reliably evaluate how interactions affected client behavior.

It was determined that Bet365’s enhanced client due diligence and know your customer triggers were ineffective at reducing money laundering risks when it came to anti-money laundering protocols.

The issue was made worse by an excessive dependence on client self-verification and a failure to perform financial sanctions checks on prospective clients prior to their first deposits.

In addition, the documentation of the company’s procedures was ambiguous when it came to creating consumer risk profiles.

In highlighting the seriousness of these infractions, Kay Roberts, Executive Director of Operations at the UK Gambling Commission, stated, “We expect high standards from operators in terms of keeping gaming safe, fair, and crime-free, and will always take action to correct any failings.”

Roberts cautioned further that the operator would face harsher regulatory action if violations continued.

To safeguard consumers and maintain integrity across the industry, the regulatory body has committed to enforcing strict compliance requirements in the gaming industry, as seen by these substantial penalties.

Original Story by: Asia Gaming Brief