Severe deficiencies result in large fines for William Hill.
The UK's Gambling Commission has fined William Hill, a renowned British bookmaker, £6.2 million (approximately €7 million), for violating their license conditions through "systematic breaches." The company was found to be insufficient in their efforts to combat money laundering and protect players.
William Hill, a traditional bookmaking brand in the UK, was investigated by the Commission following inconsistencies in their background checks. British gambling companies are mandated to examine the source of deposits if they suspect any potential issues. The primary aim of these checks is to prevent money laundering and address gambling addiction. Unfortunately, William Hill appears to have neglected both these responsibilities in the investigation's findings.
The commission issued a statement, stating, "Gambling companies have a duty to keep crime out of gambling and treat problem gambling."
A period spanning from November 2014 to August 2016 witnessed at least ten customers successfully depositing and wagering considerable sums from questionable transactions. The company profited around £1.2 million from these transactions. In addition to this sum, William Hill now also has to pay a £5 million fine to the regulatory authority. Portions of the money will be utilized to compensate the victims of the original criminal activity.
Lack of checks on unusual deposits
The UKGC's report attributes the "systematic errors" to management lapses. As a result, there was an insufficiency of both monetary and human resources, making it difficult to handle background checks. The CEO of William Hill, Philip Bowcock, has already announced potential reforms. External auditors have been hired to evaluate internal processes, and the necessity for more resources in this field is being prioritized.
The commission has provided instances that exemplify the failures' gravity in their statement. An individual was able to deposit a staggering £654,000 without William Hill staff verifying the source of the funds. The customer resided in a rented apartment and was a salaried accountant making approximately £30,000 per year.
Another individual paid close to half a million pounds within a 14-month span. When inquired about their annual income, the individual responded with an income of over £300,000, but in reality, it was only £30,000. This customer embezzled funds from their employer to support their gambling activities.
A few further instances of irregular deposits triggered automated alarms at William Hill. However, due to system failures, customers were allowed to continue making deposits and playing. Some employees relied on verbal assurances from customers or simply responded with standard emails regarding problematic gaming. According to the UKGC, the company's overall conduct was wholly inadequate.
The UK gambling regulatory body is maintaining its stringent stance, as the fine and the announcement of a continuous strategy to make gambling fairer and safer reiterates. Neil McArthur, the Managing Director of the authority, confirmed their strategic approach: "We will use the entire spectrum of our enforcement measures to make gambling more equitable and secure."
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Source: www.onlinecasinosdeutschland.com
