Earlier today, the UK Gambling Commission (UKGC) revealed that the online gambling business Betway is set to pay £11.6 million due to a series of failures associated with social responsibility and money laundering failures associated with dealing with seven high-roller customers of the company. Apart from that, the online gambling operator would be forced to implement a package of measures in order to make sure the failures are no more to happen.
In one of the cases, Betway failed to carry out the required checks of an affluent customer’s source of funds. The VIP customer in question was practically permitted to deposit more than £8 million, with his losses growing to more than £4 million in four hours. In another instance, the gambling operator failed to ensure effective social responsibility interactions with a customer, who deposited and lost a total of £187,000 within a couple of days.
The UK gambling regulatory body’s investigation found that the gambling business allowed a total of £5.8 million to flow through its business as a result of lack of source-of-funds checks and consideration of the users’ affordability. According to the watchdog, the massive money flow could reasonably be suspected to be proceeds of crime that had been subject to money laundering. Now, most of the money is set to be divested and brought back to the victims.
UKGC Reminds Gambling Operators Should Take Care of Their Customers’ Safety
Furthermore, the probe carried out by the UKGC revealed that the management and oversight and investigations into responsible Personal Management Licence holders were not adequate enough.
The Executive Director of the UK gambling regulatory body, Richard Watson, explained that the actions of the company suggested it was hardly aware and willing to be aware of its high-roller customers’ welfare, as well as of the impact on their actions. Also, he shared that the transgressions of Betway illustrate why operators’ management of so-called VIP customers needs to change and why the local gambling sector needs to do everything possible to protect customers.
Mr Watson further noted that the treatment and handling of high-roller customers is a major part of the above-mentioned work and gambling companies are expected to tackle the issue as soon as possible. He reminded that tight deadlines for required checks and process completion had already been set, and the next step for the regulator would be to take further action on companies that do not comply with the watchdog’s requirements.
In October 2019, the CEO of the UKGC, Neil McArthur, unveiled the tough regulatory measures aimed at making the gambling sector in the country safer and more transparent. Some of these measures were focused exactly on high-value customers and providing them with ethical and risk-free services to keep them safe.
- Author
Olivia Cole
