Gambling giant Entain has been slapped with a record £17 million fine by the UK Gambling Commission for offenses relating to anti-money laundering and social responsibility processes.
A press release said: “Entain Group will pay £14 million for failures at its online business LC International Limited which runs 13 websites including ladbrokes.com, coral.co.uk and foxybingo.com. It will also pay £3 million for failures at its Ladbrokes Betting & Gaming Limited operation which runs 2,746 gambling premises across Britain. All £17 million will be directed towards socially responsible purposes as part of a regulatory settlement.”
On top of the massive fine, the partypoker owner will also have to adhere to new license conditions including the oversight of an improvement plan by a board member.
Andrew Rhodes, Gambling Commission chief executive, said: “Our investigation revealed serious failures that have resulted in the largest enforcement outcome to date. There were completely unacceptable anti-money laundering and safer gambling failures. Operators are reminded they must never place commercial considerations over compliance. This is the second time this operator has fallen foul of rules in place to make gambling safer and crime free. They should be aware that we will be monitoring them very carefully and further serious breaches will make the removal of their license to operate a very real possibility. We expect better and consumers deserve better.”
The list of transgressions is shockingly long. Social responsibility failures include being slow to act with potentially vulnerable customers over an extended period of time and allowing customers to open accounts with its other brands once banned from at least one other.
Anti-money laundering failures were all related to source of funds check not being carried out in good time or satisfactorily.
In a turn of irony, only a couple of weeks ago Entain won Socially Responsible Operator of the Year at the SBC Awards North America!