UKGC warns bookmakers over suspicious activity at Cheltenham Festival

[The Buzz]

The UK Gambling Commission (UKGC) has reminded on-course bookmakers at the Cheltenham Festival to stay on top of their licensing obligations.

Ahead of the major racing event, the regulator urged operators to remain alert when dealing with large volumes of cash and to ensure proper safeguards are in place to guard against criminal activity.

Under the Commission’s Licence Conditions and Codes of Practice (LCCP), gambling businesses are required to maintain effective policies, procedures and controls to reduce risks linked to money laundering and terrorist financing.

From the UKGC:

John Pierce, Commission Director of Enforcement, said: “Cheltenham Festival is an exceptionally busy period, and while the vast majority of on‑course betting is entirely legitimate and part of people enjoying their racing experience, Licensees should continue to ensure that their written policies, procedures, and controls remain robust and effective in practice, and that they remain vigilant to guard against counterfeit currency and criminal proceeds entering the gambling system.”

Read more here: https://www.gamblingcommission.gov.u...enham-festival

[golfbettingsystem]

I get the message but the reality of the situation is likely to be something else entirely. Ahead of the Champion Chase yesterday the TV coverage said that a £32k bet had been placed on the favourite Majborough (which lost as it happens). If we assume it was cash on the course then I find it hard to believe that every £50 note was checked for its authenticity and a proof or source of funds was provided by the punter.