William Hill let Brand-new Customer Bet ₤ 23,000 In 20 Minutes
William Hill let new customer bet ₤ 23,000 in 20 minutes
ByNick Edser
Business reporter
Three gambling companies owned by William Hill are to pay penalties of ₤ 19.2 m for stopping working to secure consumers and weak anti-money laundering controls.
The record penalty comes after the Gambling Commission discovered new consumers had the ability to bet large amounts over short durations without proper checks.
In one case, a client was enabled to open a new account and spend ₤ 23,000 in 20 minutes without any checks.
The commission "seriously considered" suspending William Hill's licence.
It discovered a number of failures to defend against possible money laundering, with clients permitted to transfer big quantities without business conducting suitable checks.
A single person was able to spend and lose ₤ 70,134 in a month, while another transferred ₤ 73,535 and lost ₤ 14,068 in four months.
"When we launched this investigation the failings we revealed were so prevalent and disconcerting major factor to consider was given to licence suspension," said Andrew Rhodes, the Gambling Commission's chief executive, stated:
"However, since the operator immediately acknowledged their failings and dealt with us to promptly implement enhancements, we instead went with the biggest enforcement payment in our history."
Under the conditions of betting firms' licences, business must bring out checks to recognize and get in touch with consumers who may be at risk of damage from gambling.
They should likewise check that the money being used to bet originates from a legitimate source and is not related to, or being used to support, criminal activity.
William Hill let new customer bet ₤ 23,000 in 20 minutes
ByNick Edser
Business reporter
Three gambling companies owned by William Hill are to pay penalties of ₤ 19.2 m for stopping working to secure consumers and weak anti-money laundering controls.
The record penalty comes after the Gambling Commission discovered new consumers had the ability to bet large amounts over short durations without proper checks.
In one case, a client was enabled to open a new account and spend ₤ 23,000 in 20 minutes without any checks.
The commission "seriously considered" suspending William Hill's licence.
It discovered a number of failures to defend against possible money laundering, with clients permitted to transfer big quantities without business conducting suitable checks.
A single person was able to spend and lose ₤ 70,134 in a month, while another transferred ₤ 73,535 and lost ₤ 14,068 in four months.
"When we launched this investigation the failings we revealed were so prevalent and disconcerting major factor to consider was given to licence suspension," said Andrew Rhodes, the Gambling Commission's chief executive, stated:
"However, since the operator immediately acknowledged their failings and dealt with us to promptly implement enhancements, we instead went with the biggest enforcement payment in our history."
Under the conditions of betting firms' licences, business must bring out checks to recognize and get in touch with consumers who may be at risk of damage from gambling.
They should likewise check that the money being used to bet originates from a legitimate source and is not related to, or being used to support, criminal activity.