Regulatory authority in UK imposes penalty of £665,000 on Corbett Bookmakers Limited
UKGC Slaps Land-Based Business with a Hefty Penalty
The UK Gambling Commission (UKGC) has taken action against land-based gambling operator, Corbett Bookmakers Limited, issuing a penalty of approximately $890,000 for failing to adhere to anti-money laundering (AML) and social responsibility regulations.
A Six-Figure Penalty for Negligence
The penalty, totalling £686,070, is one of the highest imposed on a land-based business, with the regulator focusing primarily on online operators in recent enforcement actions. Corbett Bookmakers Ltd, operating 36 venues, has acknowledged the need to improve and will undertake remedial measures to uphold high industry standards and prevent future lapses.
Part of this improvement process will involve hiring a third-party audit to bolster player care and enhance AML practices. The UKGC's official statement details several instances where the business fell short.
In one instance, a player who staked £23,674 within 13 days was not properly assessed for signs of gambling harm. Another case involved a consumer who lost £3,523 in four hours after placing 56 bets, which the regulator considered a clear social responsibility failure.
Yet another case involved a player who bet £47,416 and lost £6,741 in 10 weeks without being properly vetted by the business, the UKGC pointed out. Commission Director of Enforcement, John Pierce, commented that the business failed to uphold essential provisions of regulation.
AML and Social Responsibility Transgressions
When it comes to AML transgressions, the business did not intervene in a case involving a player who wagered £47,000 and lost £14,000 within eight months, with the company failing to verify the source of the funds.
While specific recommendations for Corbett Bookmakers Limited are yet to be released, the UKGC's general stance provides valuable insights into broader expectations for operators. Operators are expected to prioritize robust AML measures, social responsibility, proactively adapt to new risks, and ensure compliance through training and updated protocols.
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Insights:
- The UKGC emphasizes robust Anti-Money Laundering (AML) measures, including effective customer due diligence (CDD) and ongoing monitoring.
- Operators are expected to prioritize social responsibility, protecting vulnerable individuals and preventing gambling-related harm.
- Operators should proactively adapt to new risks rather than reacting after breaches.
- Robust employee training is crucial to ensure that staff can identify and manage AML and social responsibility risks effectively.
- The UK Gambling Commission (UKGC) has imposed a $890,000 penalty on Corbett Bookmakers Limited, a land-based gambling operator, for lacking in AML and social responsibility regulations.
- Corbett Bookmakers Ltd, operating 36 venues, will implement remedial measures, including hiring a third-party audit, to improve AML practices and player care.
- The UKGC's statement details instances where Corbett Bookmakers Ltd fell short, such as a gambler who lost £3,523 in four hours and a player who bet £47,416 without proper vetting.
- Commission Director of Enforcement, John Pierce, stated that the business failed to uphold regulation essential provisions in terms of AML and social responsibility.
- In an AML transgression case, the business did not intervene when a player wagered £47,000 and lost £14,000 without verifying the source of the funds.
- The UKGC expects operators to prioritize robust AML measures, social responsibility, proactively adapt to new risks, and enforce compliance through training and updated protocols.
- This penalty serves as a reminder for the casino-and-gambling industry to ensure adherence to regulations and prevent crime-and-justice issues like gambling-related laundering and harm, as reported in general-news sources.
