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BOOKMAKER’S MONEY LAUNDERING FAILURES LEAD TO IT PAYING £6.2M

28 February 2018

Bookmaker William Hill is to pay £6.2M for what the Gambling Commission called systemic failures regarding money laundering and social responsibility.

The Commission said an investigation revealed that, between November 2014 and August 2016, William Hill Group (WHG) breached anti-money laundering and social responsibility regulations.

A lack of proper checks resulted in ten customers being allowed to deposit large sums of money linked to criminal offences, which resulted in gains for William Hill of around £1.2M. The bookmaker must now hand over that money. It also faces a penalty of £5M for breaching regulations.

The Gambling Commission said in a statement: “Where victims of the ten customers are identified, they will be reimbursed. William Hill did not adequately seek information about the source of their funds or establish whether they were problem gamblers.’’

Neil McArthur, the Commission’s Executive Director, said: “This was a systemic failing at William Hill which went on for nearly two years.

“Gambling businesses have a responsibility to ensure that they keep crime out of gambling and tackle problem gambling. They must be constantly curious about where the money they are taking is coming from.’’

William Hill CEO, Philip Bowcock, said the company is introducing new policies to prevent any repeat of the incidents.

It may be that other bookmakers need to take note of what has happened at William Hill. Any company, whether it is in the gambling industry or not, must take proper precautions to prevent it being used by money launderers.

Read our article: MAKING SURE YOU DO ENOUGH TO PREVENT MONEY LAUNDERING