Shortcomings in anti-money laundering and social responsibility controls
24 June 2014
An investigation by West Yorkshire Police has lead to the conviction of an individual for serious theft and money laundering offences.
The Gambling Commission (the Commission) conducted its own investigation into potential weaknesses in anti-money laundering (AML) and social responsibility controls put in place by bet365. The operator has agreed that the learning from this exercise should be shared with the gambling industry more widely, to help raise standards in these important areas.
The Commission’s pursuit of these matters with bet365 is now concluded, although enquiries continue in relation to other operators. bet365 has co-operated fully with the Commission and provided considerable assistance in identifying lessons. The operator is taking a number of steps to ensure that risk to the licensing objectives is managed more effectively within its business. The operator’s senior management are clear that they wish to be among industry leaders in managing anti-money laundering and social responsibility risks and have made a public commitment to taking steps to do so.
To provide important context, the events took place during a period when such shortcomings in relation to anti-money laundering and social responsibility controls appear to have been widespread and before the Commission drew to public attention (in autumn 2013) the need for industry to address those shortcomings.
Matthew Hill, Director Regulatory Risk and Analysis, Gambling Commission, said: "This case demonstrates just how much work the gambling industry still has to do before it properly recognises customers at risk. But the investment of the significant funds given up by the operator into research, including into the development of predictive data analytics, to benefit customers and the industry as a whole, has the potential to deliver a positive outcome."
The Commission has published a full public statement.
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Note to editors
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