{"id":9027,"date":"2024-04-04T00:00:00","date_gmt":"2024-04-04T00:00:00","guid":{"rendered":"https:\/\/instituteoflicensing.org\/news_archive\/2024\/04\/04\/bet365-to-pay-582120-for-regulatory-failures\/"},"modified":"2024-04-04T00:00:00","modified_gmt":"2024-04-04T00:00:00","slug":"bet365-to-pay-582120-for-regulatory-failures","status":"publish","type":"post","link":"https:\/\/instituteoflicensing.org\/news_archive\/bet365-to-pay-582120-for-regulatory-failures\/","title":{"rendered":"Bet365 to pay \u00a3582,120 for regulatory failures"},"content":{"rendered":"<p class=\"gcweb-body\">Bet365 is to pay \u00a3582,120 for anti-money laundering and social responsibility failures at its online business.<\/p>\n<p>Hillside (UK Gaming) ENC, which holds a licence for Bet365\u2019s bingo and casino products, will pay \u00a3343,035 and Hillside (UK Sports) ENC, which holds a licence to offer betting, will pay \u00a3239,085.<\/p>\n<p>All \u00a3582,120 will be directed towards <a href=\"https:\/\/www.gamblingcommission.gov.uk\/licensees-and-businesses\/page\/regulatory-settlements-applied-for-socially-responsible-purposes\">socially responsible causes<\/a><sup><a href=\"https:\/\/www.gamblingcommission.gov.uk\/news\/article\/bet365-to-pay-gbp582-120-for-regulatory-failures#ref-1\">1<\/a><\/sup> as part of a regulatory settlement with the Commission.<\/p>\n<p>The failings were discovered during a Commission compliance assessment in March 2022.<\/p>\n<p>Social responsibility failures included:<\/p>\n<ul>\n<li>interactions with customers were frequently not tailored to the specific customer journey or spectrum of harm and therefore interactions were not meaningful<\/li>\n<li>an Early Risk Detection System was not demonstrably effective in understanding the impact of individual interactions on a customer\u2019s behaviour and whether further action was required<\/li>\n<li>its approach to evaluation meant that it was unable to effectively ascertain whether a customer had read and understood the information or advice provided within its interactions.<\/li>\n<\/ul>\n<p>Anti-money laundering failures included:<\/p>\n<ul>\n<li>having <a href=\"https:\/\/www.gamblingcommission.gov.uk\/guidance\/the-prevention-of-money-laundering-and-combating-the-financing-of-terrorism\/prevention-of-ml-and-combating-the-financing-of-terrorism-part-6-7-Enhanced-customer-due-diligence-and-enhanced-ongoing-monitoring\">enhanced customer due diligence<\/a> and <a href=\"https:\/\/www.gamblingcommission.gov.uk\/guidance\/duties-and-responsibilities-under-the-proceeds-of-crime-act-2002\/poca-part-2-5-customer-relationships\">know your customer<\/a> triggers that were ineffective at managing money laundering risk<\/li>\n<li>failing to undertake <a href=\"https:\/\/www.gamblingcommission.gov.uk\/guidance\/the-prevention-of-money-laundering-and-combating-the-financing-of-terrorism\/prevention-of-ml-and-combating-the-financing-of-terrorism-part-6-18-List-of-persons-subject-to-financial-restrictions\">financial sanctions<\/a> checks on new customers prior to their first deposits<\/li>\n<li>failing to undertake independent verification checks and over relied on customers\u2019 annual self-verification of know your customer information, such as identification documents<\/li>\n<li>its procedure document contained inadequate detail as to who would be deemed \u201cat risk\u201d and \u201cnot at risk\u201d for customer risk profiling.<\/li>\n<\/ul>\n<p>Kay Roberts, Executive Director of Operations, said:<\/p>\n<p style=\"padding-left: 40px;\"><em>\u201cThe policy and procedural failings may not have been as severe as those at other gambling businesses in recent years but they were failings nonetheless.<\/em><\/p>\n<p style=\"padding-left: 40px;\"><em>\u201cWe expect high standards from operators in terms of keeping gambling safe, fair and crime-free, and will always take action to correct any failings. This operator is very aware that a repeat of these failings will result is escalating regulatory action.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bet365 is to pay \u00a3582,120 for anti-money laundering and social responsibility failures at its online business.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-9027","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"modified_by":null,"_links":{"self":[{"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/posts\/9027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/comments?post=9027"}],"version-history":[{"count":0,"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/posts\/9027\/revisions"}],"wp:attachment":[{"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/media?parent=9027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/categories?post=9027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/instituteoflicensing.org\/news_archive\/wp-json\/wp\/v2\/tags?post=9027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}