After a Gambling Commission inquiry found social responsibility and anti-money laundering (AML) shortcomings, a land-based gambling company will pay a £686,070 fine.
The 36-location Corbett Bookmakers Limited will also be subject to a third-party assessment to make sure its AML and safer gambling policies, procedures, and controls are being implemented correctly.
During a two-day Commission compliance review, the shortcomings were exposed.
A consumer who staked £23,674 over 13 days was not identified as someone who might be at risk of or experiencing gambling-related harms. Another consumer who placed 56 bets and lost £3,523 during a four-hour period was not adequately interacted with, and a customer who staked £47,416 and lost £6,741 over a 10-week period was not adequately interacted with.
Due to the high financial thresholds in existence, AML failures included the ability of consumers to stake and lose substantial amounts of money without the Licensee having adequate Know Your Customer evidence or being able to properly confirm the source or validity of funds. In one instance, a customer was able to wager around £47,000 and lose £14,000 over the course of eight months without the licensee confirming the validity of the funds they had received.
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The Licensee’s money laundering and terrorist financing risk assessment failed to address the full set of customer, product, geographic and payment risks, and consequently failed to take a suitably risk-based approach to anti-money laundering.
The violations took place over a number of timeframes from February 2022 to May 2024
According to Commission Director of Enforcement John Pierce, “This operator will not only pay a substantial fine but also undergo a rigorous audit to ensure full compliance with anti-money laundering and safer gambling measures because it has failed to adhere to vital regulations designed to make gambling safer and free from criminal activity.”
“We anticipate that the operator will promptly and completely execute the audit’s recommendations in addition to the corrective measures already implemented, exhibiting evident and quantifiable advancements in both policy and practice. If this isn’t done, our compliance team will review the issue and take any additional necessary action. This instance and the cost this operator is currently incurring should be carefully considered by all operators.”
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