According to a recent public statement by the UK Gambling Commission – Betfred, a UK-based bookmaker, has been fined £3.25m by the Gambling Commission for Anti-Money laundering(AML), Know-Your-Customer(KYC), and social responsibility failures. Some of the AML and KYC Gambling failures include:
- Failing to consistently obtain needed KYC identification
- Failing to consistently obtain Source of Funds documentation
- Poor record keeping
Several social responsibility failures were also identified including having insufficient controls in place to protect new customers & to monitor spending and play duration.
Betfred operates 1,750 betting shops and all of the fine they pay will go towards socially responsible causes. Betfred also operates online gambling businesses which were fined £2.87m last year for similar failures.
Know-Your-Player/Know-Your-Customer: Gambling Online & In-Person
Money laundering in casinos and/or gaming centers has been a known problem for quite some time. Within recent years, financial crime has taken a toll on online gaming as well. When discussing Betfred’s most recent case, Kay Roberts, executive director of operations at the Gambling Commission, stated: “In recent years there’s been a public focus on online gambling but this case illustrates how important it is for us to continue our drive to raise standards across the whole industry.”
Regulators will continue to monitor gambling, both online and in-person, because of the financial crime risks associated with the industry. Large cash flow is seen as normal in gambling, mostly everyone is welcome to play, and the gaming/gambling environment is always evolving with new technologies. These factors can sometimes make meeting regulations difficult for organizations.
AML & KYC Gambling/Gaming Needs – How Truth Technologies Can Help
Truth Technologies’ Sentinel can help gaming and/or gambling companies safely automate anti-money laundering compliance checks within your KYC process. With the use of Truth Technologies’ Enhanced Due Diligence reports and Anti-Money Laundering (AML) Screening technology, we are able to identify individuals who may participate in suspicious activities. If you are interested in learning more- request a demo, and see how our products can help you.
