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Following a police investigation, the Gambling Commission became aware of potential weaknesses in anti-money laundering and social responsibility controls put in place by a number of operators one of which being Coral Racing Limited (Corals).  As a result of the challenges faced by the operator, they have agreed that the learning from this exercise should be shared with the industry more widely. This covers:

  • ensuring commercial imperatives do not crowd out management of regulatory risk
  • ensuring that information sources are appropriate and effective in identifying regulatory risk (eg potential money laundering, problem gambling) and are acted upon
  • linking information across different outlets, products and platforms.

The Commission has published a full public statement.

Matthew Hill, Director Regulatory Risk and Analysis, Gambling Commission, said:

“These events demonstrate the need for Boards, however committed, to ensure their controls on money laundering and problem gambling are effective on the ground.

These cases, and others like them, suggest that there are industry-wide vulnerabilities that need to be tackled as a priority.

The Commission is grateful for the assistance of Durham constabulary and the full cooperation of Coral Racing Limited in this case”

Ends

Notes to editors

  1. The Gambling Commission regulates gambling in the public interest alongside its co-regulators local licensing authorities. It does so by keeping crime out of gambling, by ensuring that gambling is conducted fairly and openly, and by protecting children and vulnerable people from being harmed or exploited by gambling. The Commission also provides independent advice to government on gambling in Britain. 
  2. The Commission and local licensing authorities are responsible for licensing and regulating all gambling in Great Britain other than spread betting, which is the responsibility of the Financial Conduct Authority (FCA).
  3. See the Terms & Conditions section of our website for information on legal advice.

Further information

For further information please contact our press office on (0121) 230 6700 or email communications@gamblingcommission.gov.uk.

 

Posted on 30 September 2013