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Money laundering, addiction: record fine against the Entain betting group

2022-08-17T11:11:12.192Z


The policeman of the sector criticizes the British giant in particular for turning a blind eye to cases of gambling addiction and money laundering.


British betting giant Entain is to be fined £17million, a record according to the UK Gambling Commission, for "

unacceptable

" breaches of anti-money laundering and addiction regulations.

The constable of the flourishing betting sector in the United Kingdom warns that in the event of a repeat offense, Entain could lose its operating license.

“public health problem”

According to a Commission press release on Wednesday, the fine targets both the group's online betting sites, such as Ladbrokes.com or coral.co.uk, which are very popular in the United Kingdom, and the approximately 2,746 shops of Ladbrokes games in the country.

The Betting Commission's investigation revealed "

unacceptable breaches of anti-money laundering and betting security regulations

", notes its chief executive Andrew Rhodes, stressing that this resulted in the most important measure punitive measure ever taken by this regulatory body.

Gambling addiction in the UK is such that it has been branded a '

public health problem

', particularly among young people.

"

Operators (in the gambling industry) must remember that they must never place commercial considerations above compliance

" with the law, adds Andrew Rhodes, adding that this is the second time that Entain has been so pinned.

He warns that further serious violations "

will make having their operating license revoked a very real possibility

."

The Commission castigates Entain in particular for “

being very slow to interact, or not having interacted at all with certain customers

» presenting risks of addiction or over-indebtedness in their gambling behavior, in particular users who have made bets at night for 18 months and spent tens of thousands of pounds.

Regulatory reform, which predates the era of online gambling, is dragging on in the UK.

The major groups in the sector, wishing to avoid government interference, claim to have taken the problem in hand and set up their own systems of self-regulation and detection of risky behavior.

Read alsoOnline sports betting stimulates gambling in France

On the issue of money laundering, one client was able to deposit £742,000 in 14 months without undergoing proper background checks, and another who lived in a low-rent housing was able to deposit £186,000 in six months on an account without also being subject to checks, among other similar cases.

The action fell 3.31% to 1360 pence on the London Stock Exchange around 10:25 GMT.

Source: lefigaro

All news articles on 2022-08-17

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