Key Takeaways
- The UKGC has published details of a money-laundering investigation at Bet365.
- The case concerned a thief who stole from his employer to fund £4.8m of sports betting losses.
- Bet365 was criticised for not using open source information to recognise that the customer posed a problem.
- The company was praised for its level of cooperation and willingness to share the lessons learned with the rest of the industry.
The UK Gambling Commission (UKGC) has published a public statement, “Shortcomings in anti-money laundering and social responsibility controls, Hillside (New Media) Limited (bet365).”
The statement explains a number of weaknesses in Bet365’s anti-money laundering (AML) controls which were exposed after an investigation by the UKGC.
