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Aleisha747

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Gambling company Betway struck with record ₤ 11.6 m charge

12 March 2020

Online betting company Betway has actually been hit with a record penalty of ₤ 11.6 m for failings over client protection and money-laundering checks.

The Gambling Commission stated Betway failed to examine the source of funds of one customer who transferred over ₤ 8m and lost over ₤ 4m in a four-year duration.

It likewise stopped working to efficiently connect with a client who deposited and lost ₤ 187,000 in two days.

The charge bundle is the yohaig code biggest to date dealt with by a UK gambling firm.

The Gambling Commission's investigation stated the failings were linked to negotiations with 7 of Betway's high-spending customers.

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It stated that "as an outcome of an absence of factor to consider of individual consumers cost and source of funds checks, the operator enabled ₤ 5.8 m of money to stream through the service which has actually been found, or might reasonably be thought to be, proceeds of criminal activity".

The commission stated the yohaig code examination had actually likewise revealed "inadequate management oversight", adding that a probe "into accountable Personal Management Licence holders" was continuing.

"The actions of Betway suggest there was little regard for the welfare of its VIP clients or the impact on those around them," said Richard Watson, executive director at the Gambling Commission.

"As part of our continuous programme of work to make betting more secure, we are pressing the industry to make fast progress on the locations that we consider will have the most substantial impact to protect customers," he added.

"The treatment and handling of high-value customers is a substantial piece of that work and operators are in no doubt about the requirement to take on the yohaig code problem at speed."

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