Ladbrokes To Pay £5.9M For AML Failings, Social Misconduct
Law360, London (July 31, 2019, 4:05 PM BST) -- The Gambling Commission said Wednesday that betting giant Ladbrokes Coral Group will pay £5.9 million ($7.2 million) for failing to catch money launderers and mistreating customers with gambling problems.
The regulator said it imposed the penalty after discovering what it called systemic failures to fight financial crime. Ladbrokes neglected to investigate customers even after the company raised concerns about money laundering, the commission said.
Ladbrokes also failed to protect consumers from problem gambling and neglected its policies on social responsibility, the commission said. In one case a customer lost almost £100,000 and asked the company to stop sending promotional material —...
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