William Hill slapped with £6.2m fine after money laundering failings allowed criminal-linked money to be wagered
Bookmaker William Hill has been slapped with a multi-million pound fine for “systematic social responsibility and money laundering failures”.
The Gambling Commission handed down penalties of £6.2m following breaches between November 2014 and August 2016.
The regulator’s investigation found senior management failed to have sufficient controls in place. This resulted in 10 customers being able to deposit large amounts of money linked to criminal offences.
William Hill made around £1.2m of profits from money wagered with them that had not been properly checked, the Gambling Commission said.
The bookmaker has agreed to pay £5m for breaching regulations and divest £1.2m earned from the 10 transactions.
“Where victims of the ten customers are identified, they will be reimbursed. If further incidents of failures relating to this case emerge, WHG will divest any money made from these transactions,” the regulator said.
William Hill has also agreed to appoint external auditors to review the effectiveness and implementation of its anti-money laundering policies.
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What the commission said
“This was a systemic failing at William Hill which went on for nearly two years and today’s penalty package – which could exceed £6.2m – reflects the seriousness of the breaches,” said Gambling Commission executive director Neil McArthur.
“Gambling businesses have a responsibility to ensure that they keep crime out of gambling and tackle problem gambling – and as part of that they must be constantly curious about where the money they are taking is coming from.”
What William Hill said
William Hill chief executive Philip Bowcock said: “William Hill has fully co-operated with the commission throughout this process, introducing new and improved policies and increased levels of resourcing. We have also committed to an independent process review and will work to implement any recommendations that emerge from that review.
“We are fully committed to operating a sustainable business that properly identifies risk and better protects customers. We will continue to assist the commission and work with other operators to improve practices in the areas identified.”
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