Betway money laundring

Betway is the latest online gambling operator to fall foul of the UK Gambling Commission.

The popular brand, which is owned by The Betway Group, runs a number of online gambling sites offering casino, bingo, sportsbook, Vegas, and e-sports.

Following its latest investigation into operator compliance, the Gambling Commission revealed several failings in relation to the way that Betway has handled some of its VIP customer accounts.

The ruling resulted in the UKGC issuing Betway with a £11.6m fine, as well as ordering the operator to implement a series of measures that will address the way it handles its money laundering and social responsibilities going forward.

Whenever the Gambling Commission issues strict enforcements such as those mentioned above, it has a duty (as a fair and unbiased regulatory body) to publish a brief explanation of its decision on its website.

In the case of Betway, the evidence that was cited by the UKGC involves seven VIP accounts which the Commission believes were mishandled.

In one example, the operator failed to perform a sufficient source of funds check on a player who deposited more than £8m; £4m of which he lost over four years.

In a second instance, the Gambling Commission concluded that Betway should have made an effort to interact with a customer who deposited and lost £187k in a period of just two days.

Overall, the UKGC found that due to the operator’s lack of attention to its source of funds procedures, and low regard for the welfare of some of its VIP customers, £5.8m was allowed to flow through the business which could potentially be a result of money laundering.

Betway was founded in 2006 and has bases in both Malta and Guernsey. Its sportsbook has sponsored several UK sporting events over the years, including Premier League Darts, West Ham United FC, the Yorkshire Cup, and the Davis Cup.

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