In a recent development, Bet365 has been penalized a total of £582,120 for regulatory shortcomings concerning anti-money laundering (AML) and social responsibility issues within its online gaming operations.
The fine, split between Hillside (UK Gaming) ENC and Hillside (UK Sports) ENC, amounts to £343,035 and £239,085, respectively. The entirety of this sum will be allocated to socially responsible causes as part of an agreement with the regulatory authorities.
The deficiencies came to light during a comprehensive compliance assessment conducted by the Commission in March 2022.
Regarding social responsibility, Bet365 was found lacking in tailoring customer interactions appropriately, failing to employ an effective Early Risk Detection System, and inadequately evaluating the impact of its communications on customers' behavior.
In terms of AML, the operator's enhanced customer due diligence measures proved ineffective in managing money laundering risks.
Additionally, it neglected to conduct financial sanctions checks on new customers before their initial deposits, relied excessively on self-verification for know-your-customer procedures, and lacked clarity in customer risk profiling.
Kay Roberts, Executive Director of Operations, commented on the matter, stating, "While the policy and procedural shortcomings may not have reached the severity of previous cases in the industry, they are nevertheless significant.
We hold operators to high standards to ensure the safety, fairness, and integrity of gambling activities, and we will take decisive action to rectify any lapses. Bet365 is fully cognizant that any recurrence of these issues will lead to more severe regulatory measures."
This enforcement action underscores the regulatory authorities' unwavering commitment to upholding the highest standards of integrity and consumer protection within the iGaming sector.
