Gambling company Betway hit with record ₤ 11.6 m charge

12 March 2020

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

The Gambling Commission stated Betway stopped working to inspect the source of funds of one client who transferred over ₤ 8m and lost over ₤ 4m in a four-year duration.

It likewise failed to efficiently connect with a customer who transferred and lost ₤ 187,000 in two days.

The charge bundle is the most significant to date dealt with by a UK gambling company.

the yohaig code Gambling Commission's examination stated the failings were linked to negotiations with 7 of Betway's high-spending consumers.

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It said that "as an outcome of an absence of factor to consider of private consumers price and source of funds checks, the operator enabled ₤ 5.8 m of cash to flow through the company which has actually been found, or might reasonably be thought to be, proceeds of criminal offense".

The commission said the yohaig code examination had likewise exposed "insufficient management oversight", including 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 consumers or the effect 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 pushing the market to make fast progress on the locations that we think about will have the yohaig code most considerable effect to secure consumers," he added.

"The treatment and handling of high-value clients is a significant piece of that work and operators remain in no doubt about the need to tackle the issue at speed."