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UK Regulator fines Bet365 for AML and responsible gambling failures
Due to its failure to uphold requirements for preventing money laundering and encouraging responsible gambling on its online platform, Bet365 was fined £582,120.
Two businesses associated with Bet365 will split the fine: Hillside (UK Gaming) ENC and Hillside (UK Sports) ENC.
In March 2022, the UK Gambling Commission performed a compliance investigation and found the shortcomings. It was discovered that Bet365’s customer interactions lacked personalization and were ineffective in identifying potential indicators of problem gambling. Its processes for confirming the names of its clients and looking up financial sanctions were also discovered to be inefficient.
The fine will be used for fundraising efforts. Bet365 has admitted to its mistakes and committed to further developing its procedures in order to comply with the Commission’s requirements.
Even if Bet365’s shortcomings were not as bad as those of other companies in the sector, Kay Roberts, Executive Director of Operations at the Commission, said that remedial action was still necessary. The Commission has high expectations for all operators in order to maintain the integrity of gambling and keep it safe.
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