Betway to pay £11.6m for failings linked to 'VIP' customers

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Online gambling business Betway is to pay £11.6m, alongside implementing a package of measures, for a series of social responsibility and money laundering failings linked to dealings with seven of its high spending customers.
In one instance, the operator failed to carry out source of funds checks on a ‘VIP’ customer who deposited over £8m and lost over £4m during a four-year period. In another, Betway failed to carry out effective social responsibility interactions with a customer who deposited and lost £187,000 in two days.
The investigation found that as a result of a lack of consideration of individual customers affordability and source of funds checks the operator allowed £5.8m of money to flow through the business which has been found, or could reasonably be suspected to be, proceeds of crime. The majority of this money will now be divested and returned to victims.
The regulator probe also revealed inadequate management oversight and investigations into responsible Personal Management Licence holders are ongoing.

Full story here: https://www.gamblingcommission.gov.u...customers.aspx

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