Betway’s online gambling business is due to pay £ 11.6 million, along with a package of measures, for a string of social responsibility and money laundering violations related to relationships with seven of its high-cost clients.
In one case, the operator was unable to verify the source of funds for a “VIP client” who invested over £ 8 million and lost over £ 4 million over a four-year period. In another case, Betway was unable to communicate effectively with a customer who made a deposit and lost £ 187,000 in two days.
The investigation found that by ignoring the availability of individual customers and verifying the sources of funds, the operator allowed £ 5.8 million to go through a business that was discovered or could reasonably be suspected of generating proceeds of crime: www.casinositesnotongamstop.com.
Most of this money will now be donated to the victims.
The regulatory investigation also revealed inadequate management oversight, and investigations are underway against the responsible owners of personal management licenses.