William Hill, the British Gambling company now owned by 888 Group, has been issued a record £19.2m fine by the UK gambling regulator. The Gambling Commission said the fines are due to “widespread and alarming” social responsibility and anti-money laundering failures.
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It was said that inconsistencies in their AML Compliance procedures, amongst other social responsibility issues, allowed customers to deposit large sums without appropriate checks. One customer was allowed to deposit over £70k, which they spent and lost in one month.
The regulator said three businesses owned by William Hill, acquired by 888 last year, had inadequate controls to protect new customers and allowed some to deposit large amounts without conducting appropriate checks. Furthermore, the commission “seriously considered” suspending William Hill’s licence.
The Gambling Commission has continued to find several anti-money laundering failures across the industry. Towards the end of last year, Entain, the parent company of Ladbrokes and Coral, was fined £17m for regulatory breaches and industry requirements.
Understanding Anti-Money Laundering Requirements
The government has promised a review of the regulations for the gambling sector, including introducing stricter anti-money laundering rules.
Businesses operating within the gambling industry must ensure they fully understand their obligations and have compliant policies, controls, and procedures in place.
A business that has yet to develop a robust approach to managing risk and compliance is in danger of investigations by its regulator, fines, and sanctions. However, PCPs are only as effective as the staff implementing them, so more than merely setting them up is required. It is much more about fully understanding and putting responsibilities into practice.
Failure to comply with the regulations can result in civil penalties or criminal prosecution, including prison sentences of up to two years and an unlimited fine. Senior managers and nominated officers can also be found personally liable for a breach of the regulations.
Compliance Solutions for regulated businesses
If you believe your business may be at risk or wish to confirm your firm is achieving the required standard at AML & Compliance, we can help. We offer a full range of services focused on ensuring businesses across all regulated sectors create, maintain and evidence their compliance with the requirements of their regulators and legislation. We work with businesses of all sizes, from the smaller high street or niche businesses to the large multi-office and multinationals.
Our Packaged services include:
- AML Policy and Procedures, including auditing and reporting
- AML and Compliance Administration Management
These packages have been designed to provide a core compliance service to regulated businesses in the most cost-effective way to manage and control their AML and Compliance processes.
We adopt a sensible and pragmatic approach to fees, ensuring we are competitive and always add value. As necessary, we will agree on packaged services to control cost and enable clients to spread payments to alleviate cash flow, yet ensure services are provided when needed.
Our Packaged services include:
- AML Policy and Procedures including auditing and reporting
- AML and Compliance Administration Management
These packages have been designed to provide a core compliance service to regulated businesses in the most cost-effective way to manage and control their AML and Compliance processes.
We adopt a sensible and pragmatic approach to fees, ensuring that we are competitive and always add value. As necessary, we will agree on packaged services to control cost and enable clients to spread payments to alleviate cash flow, yet ensure services are provided when needed.
If you want to discuss our services in more detail, contact us at 0203 985 8553, email us [email protected] or complete an enquiry form.
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