Gambling company Betway hit with record ₤ 11.6 m charge

12 March 2020

Online wagering firm Betway has been struck with a record penalty of ₤ 11.6 m for failings over customer security and money-laundering checks.

The Gambling Commission said Betway stopped working to check the yohaig code source of funds of one consumer who deposited over ₤ 8m and lost over ₤ 4m in a four-year duration.

It also failed to effectively interact with a consumer who transferred and lost ₤ 187,000 in 2 days.

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

The Gambling Commission's investigation stated the failings were connected to transactions with seven of Betway's high-spending consumers.

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It stated that "as a result of a lack of consideration of specific consumers cost and source of funds checks, the yohaig code operator permitted ₤ 5.8 m of money to flow through business which has actually been found, or could fairly be presumed to be, proceeds of criminal activity".

The commission stated the investigation had actually also exposed "insufficient management oversight", adding that a probe "into responsible Personal Management Licence holders" was continuing.

"The actions of Betway recommend there was little regard for the well-being of its VIP customers or the effect on those around them," stated Richard Watson, executive director at the Gambling Commission.

"As part of our continuous programme of work to make betting safer, we are pressing the industry to make rapid progress on the areas that we think about will have the yohaig code most substantial 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 take on the issue at speed."