The UK Gambling Commission has announced that Bet365 must pay a £582,120 ($735,442/€678,684) regulatory settlement for anti-money laundering and social responsibility failures at its online business.
The settlement comprises two payments:
- Hillside ENC (UK Gaming – Bet365 bingo and casino) will pay £343,035 ($433,385/€399,939)
- Hillside ENC (UK Sports – Bet365 sports betting) will pay £239,085 ($302,063/€278,766)
As part of a compliance check in March 2022, the following breaches were discovered:
Social responsibility failures
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Bet365 Hit With Two Financial Penalties by UK Gambling Commission
- Early Risk Detection System was deemed ineffective
- Company could not confirm customers had read or understood any information provided in relation to possible gaming issues
Anti-money laundering failures
- Ineffective customer due diligence and know your customer triggers
- No financial sanctions checks on new customers prior to their first deposits
- No independent verification checks and over reliance on customers’ self-verification
- Inadequate detail in relation to “at risk” and “not at risk” customer risk profiling
Kay Roberts, Executive Director of Operations at the Gambling Commission said:
“The policy and procedural failings may not have been as severe as those at other gambling businesses in recent years but they were failings nonetheless.
Bet365 Hit With Two Financial Penalties by UK Gambling Commission
The sanctions against Bet365 come almost one year since the company was fined for similar breaches by the Swedish gaming regulator, Spelinspektionen.
Total gambling industry fines so far in 2024 have now reached £30,748,935 / $38,896,419 / €35,893,346.
